Italian oil major Eni plans to launch a gas joint venture with Malaysia’s Petronas in 2026, aiming to produce 300,000 boepd initially, increasing to 500,000 boepd. The completion timeline is uncertain, pending regulatory approval for the JV overseeing combined assets in Malaysia and Indonesia.

Eni and Petronas signed a framework agreement to establish the JV as a financially self-sufficient entity, with equal 50:50 ownership. The proposed JV targets sustainable gas production of 500,000 boepd with three billion barrels of reserves and 10 billion barrels of exploration upside.

Eni also finalized an agreement with Argentina’s YPF for an LNG project in the Vaca Muerta field, aiming to start exports in late 2029 or early 2030. These JVs are part of Eni’s efforts to increase and diversify its LNG offerings, targeting 60% gas production by 2030 and 20 million tonnes of contracted LNG by 2029–30.

Read more at Yahoo Finance: Eni plans to launch Petronas gas joint venture in 2026