KUALA LUMPUR, Feb 27 (Bernama) — PETRONAS and Eni have announced an exclusive Memorandum of Understanding (MoU) to progress detailed discussions on establishing a joint venture holding company to oversee selected upstream assets in Indonesia and Malaysia.
Both companies believe that this joint venture will create significant opportunities for growth, both in Malaysia and Indonesia, and is expected to generate substantial synergies towards becoming a major LNG player in the region, while delivering in the medium term, a sustainable 500 kboepd production. The joint venture will combine approximately 3 billion boe of reserves with an additional 10 billion boe of potential exploration upside.