Petronas, Italy's Eni ink JV framework to explore regional upstream collaboration

The Sun

4 hours ago

KUALA LUMPUR: Petroliam Nasional Berhad (Petronas) has entered into a joint venture framework agreement (JVFA) with Italian energy company Eni to further discussions and evaluations aimed at creating a regional upstream joint venture (JV) company.
The agreement builds on a memorandum of understanding inked in December 2024.
In a statement today, Petronas said that the JVFA reflects both companies' shared commitment to combine selected upstream interests in Malaysia and Indonesia.
The national oil and gas company also said that the agreement is expected to deliver up to 500,000 barrels of oil equivalent per day of sustainable production, with approximately three billion barrels of developed reserves and an estimated 10 billion barrels of exploration potential.
'Definitive agreements are targeted for completion by end-2025, subject to regulatory, governmental, and partner approvals,' it said.
In another statement, Petronas CCS Ventures Sdn Bhd (PCCSV), MISC Bhd (MISC), and Mitsui OSK Lines Ltd (MOL) have announced the incorporation of a strategic JV company, Jules Nautica Sdn Bhd.
PCCSV is a wholly owned subsidiary of Petronas.
This JV will lead the development and act as the ultimate owner of liquefied carbon dioxide (LCO2) carriers, which are critical for transporting LCO2 to designated storage sites as part of advancing carbon capture and storage (CCS) solutions.
Petronas said that the JV aims to become a leading owner of LCO2 carriers, facilitating the safe and efficient transportation of LCO2 to designated carbon dioxide (CO2) storage sites.
'Focused on supporting future CCS projects across the Asia Pacific region, the JV will also play a key role in completing the CCS value chain.
'Through strategic commercial agreements with CO2-emitting industries and storage companies, this partnership will provide a critical cross-border solution to meet growing environmental and regulatory needs,' said Petronas.