Skrine advised ENI on joint venture with PETRONAS
The largest and leading independent law firm in Malaysia, Skrine, acted as Malaysian counsel to Italy’s ENI in relation to its entry into a binding agreement with Malaysia’s national oil company, Petroliam Nasional Berhad (PETRONAS) to create a joint venture vehicle, to be owned on a 50:50 basis.
Under the terms of the binding agreement, ENI and PETRONAS will inject their respective interests in a total of 19 upstream assets located in Malaysia and Indonesia to form a financially independent entity. Both parties plan to invest over USD 15 billion over the next five years to fund at least eight new development projects and 15 exploration wells, with the aim of developing around three billion barrels-of-oil-equivalent (boe) of discovered reserves and unlocking an estimated 10 billion boe in potential resources.
The Skrine transaction team was led by Fariz Abdul Aziz (Partner, Energy) and Wei Xian Tan (Partner, Energy), supported by Amanda Swee Lin Hollow (Associate), Sarah Iskandar (Associate), and Belinda Lim (Associate).
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