KEY POINTS
- Eni plans to launch its joint gas venture with Malaysia’s Petronas by 2026, producing 300,000 boe daily initially.
- The venture forms part of Eni’s goal to raise gas production to 60% of total output by 2030 and expand LNG capacity to 20 mtpa.
- Eni’s Vaca Muerta LNG project in Argentina is also slated for export operations by late 2029 or early 2030.
Italian energy giant Eni is gearing up to kick off its joint gas venture with Malaysia’s state-owned Petronas by 2026, marking another milestone in its strategy to expand and diversify its liquefied natural gas (LNG) portfolio across Asia and beyond.
Guido Brusco, Eni’s Chief Operating Officer for Global Natural Resources, confirmed on Monday that both companies are finalising plans to bring the partnership online next year, following months of regulatory scrutiny and groundwork in Malaysia and Indonesia.
The project had earlier been pencilled for completion within a one-to-two-year window.
Project poised to deliver 300,000 barrels per day
Speaking at an energy conference in London, Brusco revealed that the joint venture is expected to produce around 300,000 barrels of oil equivalent per day (boe) in its initial phase, with ambitions to ramp up output to 500,000 boe over time.
The gas will serve both domestic demand and export markets across Asia, reinforcing Eni’s growing presence in the region’s energy landscape.
The initiative aligns with Eni’s broader goal of increasing the share of gas in its overall hydrocarbon output to 60% by 2030.
The company is counting on its LNG ventures in Asia and South America to underpin that shift as part of a strategy to reduce reliance on crude oil and strengthen its foothold in the cleaner energy transition.
Brusco also shed light on the progress of Eni’s liquefied natural gas project in Argentina’s Vaca Muerta basin, developed in partnership with YPF. He said exports from the facility are expected to commence between late 2029 and early 2030, further broadening Eni’s LNG network from South America to Asia.
Earlier this month, Eni’s Chief Executive Officer stated that the company aims to expand its LNG portfolio to 20 million metric tonnes per annum (mtpa) by 2029–2030, a significant jump from the 13 mtpa expected by the end of 2024.
This anticipated growth underscores the firm’s push to tap into new demand centres as global energy markets pivot toward gas as a transitional fuel.
