Or , our new artificial intelligence tool.
The agreement combines gas assets in Indonesia and Malaysia, applies the satellite model and strengthens our joint presence in the area.
The creation of a NewCo (New Company) between Eni and PETRONAS brings to life a new energy player with a key role in Asia Pacific, particularly in the growing liquefied natural gas (LNG) market. The NewCo is underpinned by a business combination that integrates Eni’s and PETRONAS’s gas upstream assets. Specifically, the business combination comprises a total of 19 assets - 14 in Indonesia and five in Malaysia - resulting in a significant enterprise value and a strong regional presence for the new entity. The agreement, signed in November 2025, formalises a process that began with the Memorandum of Understanding announced in February 2025 and the Framework Agreement signed in June 2025. The transaction consolidates the central role of natural gas in both companies’ energy transition strategies and reflects their commitment to decarbonisation.
The NewCo applies the principles of our satellite model, establishing dedicated, financially self-sufficient entities designed to accelerate industrial growth and value creation.
The business combination in Indonesia and Malaysia integrates assets, know-how and operating experience to accelerate growth opportunities and reinforce market presence, starting with South-East Asia and the wider Asia Pacific region. The NewCo focuses on gas projects - both new and existing - including 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.
The assets included in the transaction retain their current operating set-up, with a strong focus on HSE (Health, Safety and Environment) and on time-to-market. The business combination with PETRONAS in Indonesia and Malaysia extends an approach already implemented through the satellite model in previous transactions such as Vår Energi in Norway (2018), Azule Energy in Angola (2022) and Ithaca Energy in the United Kingdom (2024).
A selection of data on the gas portfolio of the business combination in the area.
investment plan scheduled over the next five years
(barrel of oil equivalent) total gas reserves in Indonesia and Malaysia
expected gas production in the medium term
estimated unrisked exploration potential
investment plan scheduled over the next five years
(barrel of oil equivalent) total gas reserves in Indonesia and Malaysia
expected gas production in the medium term
estimated unrisked exploration potential
Highlights on gas production, reserves and outlook from the World Energy Review 2025.
Browse WER 2025The NewCo combines assets in Indonesia and Malaysia.
Eni and PETRONAS signed a Framework Agreement to combine their activities in Malaysia and Indonesia.
The two companies established a joint venture for the management of a selection of upstream assets in Indonesia and Malaysia.
The integrated development of the two fields will create the Northern Hub.
Eni strengthened its presence in the fast-growing markets of South Asia and the Far East, further diversifying LNG supplies.
Eni announced the acquisition of Chevron’s interests in the Kutei Basin, East Kalimantan, offshore Indonesia.
Applying the satellite model, Eni - together with Vår Energi - completed the acquisition of Neptune, a leading E&P company with assets in Western Europe, North Africa, Indonesia and Australia.
The five subsea wells that make up the field produce 13 million m³ of gas per day.
Gas output is destined to Indonesia’s domestic market.
Eni began activities in exploration, production and development.
The project overcame the challenge of quickly building all the gas process modules into one large integrated module.
By tying into the transport and treatment facilities of near-field Jangkrik, we secured a very rapid start-up.
We operate both onshore and offshore in the country, aiming to increase gas extraction volumes for sustainable growth.
Download document
