Re-entry into Asian LNG project bolsters Eneos’ energy bonds with Petronas

April 30, 2026, by Melisa Cavcic

Malaysia’s state-owned oil and gas heavyweight Petronas has shaken hands with Eneos Explora, a subsidiary of Japan’s Eneos Group, on a deal that will enable the latter to rejoin a liquefied natural gas (LNG) project that receives gas from offshore fields in Malaysian waters.

The two companies have reaffirmed their long-standing partnership, first established in 1995, through the signing of definitive agreements formalizing Eneos’ re-entry into Malaysia LNG Tiga (MLNG Tiga), a joint venture involving Petronas and other partners, to liquefy natural gas produced from fields, including the SK-10 Block operated by Eneos Xplora, located off the coast of Sarawak, Malaysia.

Subject to the fulfillment of certain closing conditions, Eneos will hold a 10% equity stake in MLNG Tiga for the next decade, following the expiry of the previous joint venture agreement in 2023. The new deals were signed by Datuk Adif Zulkifli, Petronas’ Executive Vice President & Chief Executive Officer of Gas & Maritime Business, and Yasuhiko Oshida, Eneos Xplora’s Representative Director and President.

Oshida emphasized: “MLNG Tiga has been a project that has steadily supplied LNG to Japanese buyers since commencing operations in 2003, under the cooperation between our group and Petronas, and we are very pleased to be participating once again.

“While further strengthening our partnership with Petronas, we will also work closely with our fellow shareholders – the Sarawak State Government and Mitsubishi Corporation, to pursue new value creation during the energy transition.”

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The signing ceremony was witnessed by Marina Md Taib, Petronas’ Senior Vice President of Corporate Strategy, and Jotaro Tomoeda, Executive Officer and Senior Vice President and Head of Business Division 1 at Eneos Xplora.

The agreement is said to reflect the companies’ shared commitment to strengthening long-term energy security and supporting reliable LNG supply to international markets, particularly Japan, amid an increasingly complex and volatile global energy landscape.

Tan Sri Tengku Muhammad Taufik, Petronas’ President and Group Chief Executive Officer, commented: “LNG continues to play an indispensable role in the global energy mix, bridging the demands of today’s economies while supporting a credible transition toward lower-carbon futures.

“With Asia at the centre of global LNG demand growth, stable supply and long-term partnerships remain fundamental to economic resilience across the region. The collaboration with Eneos which now spans three decades reflects that long-term conviction, one that continues to serve the energy interests of both nations well into the decades ahead.”

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As of April 1, 2026, the Eneos Group has consolidated its natural gas and LNG supply chain by transferring Eneos Corporation’s natural gas liquefaction and domestic sales businesses to Eneos Xplora.

Aside from the re-entry into MLNG Tiga, the firm continues to expand its presence in Malaysia through the SK-10 Block gas fields development and production project and its participation in the LNG liquefaction plant operated by Petronas LNG 9 Sdn. Bhd. (PL9SB).

“Eneos’ re-entry into MLNG Tiga reflects shared confidence in the asset’s resilience and long-term role within Asia’s LNG landscape. It also reinforces Petronas’ focus on building a reliable LNG system that continues to deliver value to customers and partners, particularly in important markets such as Japan,” said Zulkifli.

The new agreement is perceived to reinforce continued foreign investor confidence in Malaysia’s investment climate and long-term growth prospects.