Eni (E) and Petronas said Thursday they have signed a memorandum of understanding to continue talks on forming a joint venture company that will oversee certain upstream assets in Indonesia and Malaysia.
The companies said they expect the joint venture to create "significant opportunities for growth" in the two countries and deliver medium-term production of 500,000 barrels of oil equivalent per day.
The joint venture will combine reserves of roughly 3 billion barrels of oil equivalent with another 10 billion boe of potential exploration upside, they added.
The focus of the joint venture will be on new gas development projects, according to the companies.
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