TANGERANG, May 21 — Petronas wants to include oil and gas projects in Indonesia's Kutai Basin in its planned joint venture with Eni, an executive said yesterday.
Petronas and the Italian oil major announced the proposed tie-up in February to manage some upstream assets in Indonesia and Malaysia, combining about three billion barrels of oil equivalent (boe) of reserves with exploration that could bring estimated additional reserves of 10 billion boe.
Its vice president responsible for international assets Mohd Redhani Abdul Rahman told the press on the sidelines of the Indonesia Petroleum Association conference that the companies are in talks over which the venture will manage assets.
Petronas is aiming to swap interests in its assets in Malaysia and Indonesia with Eni's blocks in the Kutai Basin.
"The idea is what we offer will complement the portfolio that Eni has here. So we will be part of development of all the discoveries in Kutai Basin with the funding we get from all the assets we bring in from Indonesia and Malaysia," he said.
An Eni spokesperson said the company was not able to make an immediate comment.
The Italian group's Kutai Basin assets include developments in the Northern and Gendalo-Gandang hubs, which have massive gas reserves.
Redhani added that talks on the assets to be included in the venture remain at an early stage, and that Petronas will not include Indonesian assets only recently awarded to the company, like the Binaiya and Serpang blocks.
— Reuters
