A major alliance of oil companies will invest billions of dollars.
Italian oil company Eni and Malaysian state-owned oil company Petronas have signed an agreement to establish a joint venture. The project is expected to be completed by the end of the year.
Nineteen production assets will be transferred to the new entity, including 14 in Indonesia and five in Malaysia. The goal of this project is to increase oil production from currently operating fields from 300,000 to 500,000 barrels per day over the next two years.
The partners have committed to investing $15 billion over the next five years to develop fields containing documented reserves of 3 billion barrels of oil equivalent. They will allocate $10 billion to discover new fields.
Further funds will be allocated to hydrocarbon exploration in licenses located on the Indonesian offshore shelf.
The extracted oil will be sent mainly to refineries in Indonesia, as fuel consumption in that country is growing at such a rate that it is now necessary to import gasoline, and especially diesel fuel.
Eni and Petronas declare their willingness to cooperate in other markets and seek opportunities to increase production.
Journalist, graduate of political science at the Faculty of Law and Administration of the Jagiellonian University. Associated with the media for over 40 years. After graduating in 1982, he worked on the editorial staff of "Gazeta Krakowska" and "Kurier Polski." A member of the editorial team of "Przegląd Techniczny." He has published articles in "Student," "Przekrój," and "Życie Literackie." Since the economic and political transformation, he has been associated with Reuters as a correspondent in Krakow for over 20 years. For the next three years, he conducted practical classes with students at the Institute of Journalism, Media, and Social Communication of the Jagiellonian University. Since December 2021, he has joined the PTWP Group and works for the WNP.PL portal. His main professional interests include economics and politics at the global level and the participation of Polish business in this field, particularly companies listed on the Warsaw Stock Exchange. Winner of the "Ostra Pióra" award, granted for "spreading economic education" by the BCC, as well as the Golden Pear - a journalistic award of the Małopolska Branch of the Association of Journalists of the Republic of Poland.
wnp.pl
