London — Eni is aiming to get its gas joint venture with Malaysia’s Petronas up and running some time next year, Guido Brusco, the Italian oil major’s global natural resources chief operating officer, said on Monday.Both firms announced earlier this year they were pressing ahead with the project to develop gas assets in Malaysia and Indonesia. But the timeline was not clear, with Petronas saying it could take 1 to 2 years pending regulatory approval.
The project will produce 300,000 barrels per day of oil equivalent (boe), with plans to grow to 500,000 boe, Brusco said at an industry conference in London.
Brusco also said that Eni aims to start export from its Vaca Muerta liquefied natural gas (LNG) project in Argentina in late 2029 or early 2030.
Both the joint venture with Petronas and the Vaca Muerta project with Argentina’s YPF are part of Eni’s efforts to increase and diversify its LNG offer in order to reach new potential customers.
Eni expects gas to reach 60% of its hydrocarbon production by 2030. Its CEO said earlier this month that Eni aims to have 20 million metric tonnes per annum of contracted LNG in its portfolio by 2029-2030, up from 13 MTPA in 2024.
The Petronas joint venture will produce gas both for the local market and for export to Asian countries.
Reporting by Robert Harvey and Francesca Landini; Editing by Kirsten Donovan and Alexander Smith – Reuters
