Eni (E) and Petronas said Monday that they agreed to create a new jointly-owned independent company that will merge their respective upstream oil and gas assets in Indonesia and Malaysia.

The companies said the deal follows a framework agreement signed in June.

The new company, which will be under equal ownership and operate self-sufficiently, will manage 14 assets in Indonesia and 5 assets in Malaysia, and plans to invest over $15 billion over the next five years to develop at least 8 new projects and 15 exploration wells, the companies said.

The new company will integrate a portfolio of gas-producing and development assets across Malaysia and Indonesia, beginning with a production base of 300,000 barrels of oil equivalent per day that is forecast to expand to beyond 500,000 boe/d in the medium term, Eni and Petronas said.

The companies said they expect to complete the deal in 2026, pending regulatory approvals.