Overview
- NewCo will manage 19 assets, including 14 in Indonesia and five in Malaysia, drawing on the partners’ combined portfolios and expertise.
- Initial production exceeds 300,000 barrels of oil equivalent per day with a goal of roughly 500,000 boe/d in the medium term driven by projects in the Kutei Basin and new Malaysian developments.
- The plan includes at least eight new projects and 15 exploration wells, aiming to develop about 3 billion boe in discovered reserves and to test roughly 10 billion boe of unrisked potential.
- The venture is an equally owned, financially self-sufficient entity aligned with Eni’s satellite model alongside Var Energi, Azule Energy, and Ithaca Energy.
- The agreement was signed at the ADIPEC conference in Abu Dhabi, with regulatory, governmental, and partner approvals now sought in both countries and closing expected in 2026; Eni also highlights expanded LNG optionality toward its 2030 gas target.