Eni and Petronas have signed a binding agreement to establish a new satellite company through the business combination of their upstream assets in Indonesia and Malaysia.
The signing follows a framework agreement signed in June 2025.
The independent company (NewCo) under equal ownership will manage 19 assets in total - 14 in Indonesia and five in Malaysia - and will operate as a financially self-sufficient entity with an investment plan in excess of $15 billion over the next five years.
NewCo will integrate a material portfolio of gas-producing and development assets across Indonesia and Malaysia, with an initial production base of over 300,000 barrels of oil equivalent per day (boe/d) and plans to grow to more than 500,000 boe/d of sustainable production in the medium term.
Assets include the Kutei Basin, an area considered relatively low-risk and high-potential thanks to existing production, transport and liquefaction infrastructure and a mature geological understanding of the subsurface. Recent milestones include the Geng North discovery and the approval of the Geng North–Gehem integrated development (Northern Hub), both in the Kutei Basin.