PETRONAS and Eni, through their respective subsidiaries, signed an Investment Agreement to establish a regional upstream joint venture company. This milestone marks a major step forward for PETRONAS’ first venture into a satellite business model to accelerate upstream development in Malaysia and Indonesia.

The joint venture will consolidate high-impact upstream assets across key hydrocarbon basins in Malaysia and Indonesia. Leveraging PETRONAS and Eni’s combined strengths in portfolios, technical expertise, and regional insights, the new upstream company is set to unlock significant opportunities for accelerated growth in value creation, operational performance, and energy security in the region.

President and Group Chief Executive Officer of PETRONAS, Tan Sri Tengku Muhammad Taufik, said, “This historic partnership between PETRONAS and Eni is envisaged to set a new benchmark for more efficient, cost-effective and responsible upstream development. Adopting this innovative and proven business model reinforces PETRONAS’ firm commitment to support national and regional energy aspirations, as it paves the way for us to deliver greater and more sustainable value to our customers, host nations, the greater upstream sector, as well as our stakeholders.”

The signatories to the Investment Agreement were Executive Vice President and Chief Executive Officer of Upstream, Mohd Jukris Abdul Wahab representing PETRONAS and Chief Operating Officer Global Natural Resources and General Manager, Guido Brusco representing Eni. The signing took place in the presence of PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik and Eni Chief Executive Officer, Claudio Descalzi.

The joint venture supports both companies’ broader gas aspirations and complements PETRONAS’ other established businesses in Indonesia outside of the joint venture scope, enabling new opportunities for growth and innovation in the sector.

Subject to the necessary regulatory approvals in Malaysia, Indonesia and other relevant jurisdictions, as well as partners’ consent requirements and/or pre-emption rights, the new joint venture company is expected to be established in 2026. PETRONAS’ priority is to continue working closely with stakeholders, including employees, host authorities, partners, and local communities, nurturing a more vibrant industry and contributing to the energy aspirations of those we serve.