Eni pivots away from Middle East as energy flows shift

Southeast Asia is currently the focal point of this redirection, with a surge in final investment decisions for natural gas extraction expected to lift regional output by roughly 18%. Eni has formalized a joint venture with Malaysia’s PETRONAS, branded as Searah, which consolidates 19 upstream gas assets across Indonesia and Malaysia. This partnership centers on Eni’s deepwater operations in the Kutei Basin, specifically the North and South Hub projects offshore East Kalimantan.

Simultaneously, South America is attracting tens of billions in capital as Argentina and Guyana emerge as primary drivers of the continent's energy boom. In Argentina, Eni is collaborating with Abu Dhabi’s XRG on the 30 billion dollar Argentina LNG export complex in Río Negro province. Complementing this, a 1.2 billion dollar, 527-kilometer pipeline is under construction to transport gas from the Neuquén basin to the Atlantic coast. While these regions command immediate attention, Descalzi maintains that Sub-Saharan Africa remains vital to global security, currently accounting for 19 percent of the company’s total production.