Eni is pushing ahead with its Southeast Asian expansion, targeting 2025 to launch a major gas joint venture with Malaysia’s Petronas, part of a sweeping collaboration that could transform regional energy supply and strengthen both nations’ production portfolios.
The two state-backed energy giants announced plans earlier this year to merge their upstream assets in Malaysia and Indonesia, creating a company expected to produce up to 500,000 barrels of oil equivalent (boe) per day at full capacity. The new venture will hold around 3 billion boe in reserves and an estimated 10 billion boe of exploration potential, underscoring its scale and long-term regional importance.
Petronas president Muhammad Taufik said the partnership would “unlock new opportunities” and boost energy security across Southeast Asia, while Eni CEO Claudio Descalzi described it as a “transformational model” that combines assets, expertise, and financing power to create jobs and new infrastructure in both Malaysia and Indonesia.
Eni’s Chief Operating Officer for Global Natural Resources, Guido Brusco, confirmed this week that the venture should be operational by next year, following regulatory approval. He added that the project aligns with Eni’s goal of expanding its liquefied natural gas (LNG) business, with gas expected to make up 60% of Eni’s total hydrocarbon production by 2030.
In parallel, Eni is also moving forward with its Vaca Muerta LNG project in Argentina, a joint development with YPF, aiming for exports to begin between late 2029 and early 2030. Together, these projects will help Eni expand its global LNG portfolio to 20 million tonnes per annum (MTPA) by the end of the decade—up from 13 MTPA in 2024.
The Petronas-Eni collaboration comes amid a flurry of new deals in Southeast Asia, including Petronas’ separate agreements with TotalEnergies to explore Malaysian offshore gas blocks holding more than 4 trillion cubic feet of reserves. The moves underscore Malaysia’s push to reaffirm its role as a key gas hub for Asia, supported by Eni’s growing footprint across the region.
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