Eni and Petronas, Malaysia's national oil corporation, have announced the formation of an independent, equally-owned Newco through the integration of their respective upstream gas assets in Indonesia and Malaysia. The binding agreement was inked in Abu Dhabi at the Adipec international energy event by Eni CEO Claudio Descalzi and Petronas Chairman and CEO Tengku Muhammad Taufik. The new firm will handle 19 assets, 14 in Indonesia and 5 in Malaysia, and will operate as a financially independent entity. An investment strategy exceeding $15 billion is scheduled over the next five years, with the objective of developing a minimum of eight new projects and drilling fifteen exploratory wells. The goal is to bring into production about 3 billion barrels of oil equivalent (boe) from already discovered reserves. Starting with an initial production capacity of over 300,000 boe per day, the new company aims to exceed 500,000 boe per day in the medium term. In addition to strengthening Eni and Petronas' joint footprint in Southeast Asia, the transaction will allow for the valorisation of mature assets that are already in production as well as the development of new high-potential exploration regions, thereby contributing to the region's energy security and long-term growth.