Eni and PETRONAS Southeast Asia Asset Merger

Planned

Eni and PETRONAS have agreed to create a new joint entity by merging their main assets in Malaysia and Indonesia. The new company will focus on natural gas production with a portfolio of over 50 trillion cubic feet of low-risk exploration potential and approximately 3 billion barrels of oil equivalent in proven reserves, plus an additional 10 billion boe in exploration upside. The joint venture aims to achieve stable medium-term production of 500,000 barrels of oil equivalent per day, primarily from gas, and will operate with financial autonomy.