Eni will launch a joint venture with Petronas Gas in 2026

Guido Brusco said that Eni's gas joint venture will be up and running by the end of next year. He is the chief operating officer for global natural resources at Eni. Both companies announced in January that they would be moving forward with the project of developing gas assets in Malaysia, Indonesia and other countries. Petronas said it could take up to two years for regulatory approval, but the exact timeline was unclear.

Brusco, speaking at a London industry conference, said that the project would produce 300,000 barrels of oil equivalent per day (boe), and plans to increase to 500,000 boe. Brusco said Eni aims for its Vaca Muerta liquefied gas (LNG), project in Argentina to begin exports in 2029 or 2030.

Eni is working to diversify and increase its LNG offering to reach out to new customers. Eni anticipates that gas will account for 60% of its total hydrocarbon production in 2030. Eni's CEO stated earlier this month that the company aims to reach 20 million metric tons per annum (MTPA) of contracted LNG by 2029-2030. This is up from 13 MTPA at present.

The joint venture between Petronas and the Asian countries will produce gas for both the local market as well as for export. (Reporting and editing by Kirsty Donovan, Alexander Smith and Francesca Landini)

(source: Reuters)