Italy’s energy giant Eni and Malaysian state oil and gas firm Petronas are combining their upstream assets in Indonesia and Malaysia in a new, equally-owned joint venture, the Italian company said on Monday. The newly-created joint venture, which will operate as a separate self-sufficient financial entity, plans to invest $15 billion over the next five years, under the deal Eni and Petronas signed at the ADIPEC energy conference in Abu Dhabi today. The investment will support the development of at least ...

Eni and Petronas have signed a binding agreement to combine their upstream portfolios in Malaysia and Indonesia under a new jointly owned company that will invest over $15 billion in the next five years. Eni (NYSE: E) and Malaysia’s state energy giant Petronas have finalized a binding deal to merge their upstream oil and gas assets in Indonesia and Malaysia into a new independent entity—referred to as “NewCo”—that will be owned equally by both companies. The agreement, signed during the ADIPEC energy con ...