Following a memorandum of understanding in February, Petronas and Eni have entered a joint venture framework agreement (JVFA) on establishing potential terms for a new regional upstream joint venture company.
This would combine certain upstream interests held by the two companies in Malaysia and Indonesia. They are targeting up to 500,000 boe/d from the proposed joint venture, which would have about 3 Bboe of developed reserves and an estimated 10 Bboe of exploration potential.
It would also support both companies’ future gas and LNG ambitions.
They are set to finalize definitive agreements by the end of the year, followed by completion of the transaction, subject to regulatory, governmental and partner approvals.
