Eni and Petronas to Launch 8 Upstream Projects in Southeast Asia

Core Insights - Eni and Petronas are set to initiate up to eight new projects in Indonesia and Malaysia over the next three years, with plans for four projects in each country [1] - The joint venture, named NewCo, will focus on developing proved reserves with an initial investment of $15 billion over the next five years [2] - The joint venture aims to integrate gas-producing and development assets, targeting an increase in production from over 300,000 barrels of oil equivalent per day (boe/d) to more than 500,000 boe/d in the medium term [3] Investment Strategy - Eni's new business initiative in Southeast Asia aligns with its "satellite model strategy," which has been applied in other regions such as Norway, Angola, and the UK [4] - The company has been pursuing a strategy of divesting or forming joint ventures for international oil and gas projects while focusing on low-carbon projects [4] - A previous strategic move involved Eni combining its upstream assets in the UK with Ithaca Energy, excluding certain assets, to enhance its presence on the UK Continental Shelf [5]