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| The official logo of Eni, showcasing the historic six-legged dog symbol created in 1952 |
SAN DONATO MILANESE - Searah is officially established, the new equal joint venture between Eni and PETRONAS destined to reshape the energy balances of South-East Asia. With an initial production exceeding 300,000 boe per day, investments of over 20 billion dollars and a vast portfolio of assets across Indonesia and Malaysia, the company aims to become one of the leading independent gas operators in the region. A strategic project that brings together resources, expertise and new growth prospects in an energy market that is increasingly central at global level.
Portfolio of 19 production and gas development assets
Eni and PETRONAS have officially established Searah: the leading independent integrated energy operator in South-East Asia has been born. On Monday 8 June 2026 a new 50% independent joint venture bringing together key activities in Indonesia and Malaysia was officially established, just seven months after the signing of the investment agreement on 3 November 2025 and 16 months after the memorandum of understanding announced in February 2025. Searah brings together complementary portfolios, skills and regional experience with the aim of ensuring long-term value creation and operational excellence in Indonesia and Malaysia. With a portfolio of 19 gas production and development assets - 14 in Indonesia and 5 in Malaysia - Searah will start with an initial production of over 300,000 boe/day, with the objective of exceeding 500,000 boe/day of sustainable production within the next three years. All necessary regulatory, governmental and partner approvals have been obtained, both in Malaysia and Indonesia, and all suspensive conditions have been met.
Supporting the development of energy resources in Indonesia
Claudio Descalzi, Chief Executive Officer of Eni, stated: «Searah reflects our established satellite strategy, aimed at creating focused, high-quality businesses capable of combining scale, efficiency and growth, driven by our excellence in exploration and project execution, as well as our constant focus on technology and innovation. Searah is a new and solid entity in South-East Asia - the first and largest of its kind in the region - which brings together our experience with that of PETRONAS to support the development of energy resources in Indonesia and Malaysia, with a strong commitment to environmental protection and local growth.» Tengku Muhammad Taufik, President and Chief Executive Officer of the PETRONAS Group, stated: «The establishment of Searah is in line with PETRONAS’s growing focus on greater discipline in resource development, combined with a more agile deployment of capital and a stronger emphasis on creating sustainable value across the entire gas value chain.
Revolving credit facility of 6 billion dollars
Leveraging the complementary portfolios and capabilities of PETRONAS and Eni, Searah aims to achieve the operational depth, financial resilience and growth capacity of the two partners in order to reliably and responsibly address the region’s growing energy needs, while contributing to long-term supply security in Indonesia and Malaysia.»
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A 6 billion dollar revolving credit facility has been successfully secured, a testament to strong market confidence in financing Searah’s growth plans, which include investments of over 20 billion dollars over the next five years. These investments will support the development of over 3 billion barrels of oil equivalent (boe) of discovered resources and enable the valorisation of additional exploratory potential of several billion boe. Eni and PETRONAS share Searah’s environmental and sustainability objectives and believe that the collaboration will strengthen operational activities while supporting economic development and local opportunities in both countries.
The launch of Searah follows recent final investment decisions (FID)
Searah’s independent and integrated operating model will also generate significant synergies, particularly in logistics and technology. The Searah team draws on the extensive experience of both companies. All personnel of Eni Indonesia and PETRONAS Indonesia have joined Searah, alongside the establishment of Searah Malaysia Sdn Bhd, a dedicated entity created to manage activities in Malaysia. The launch of Searah follows the recent final investment decisions (FID) relating to the Gendalo and Gandang fields (South Hub) and the Geng North and Gehem fields (North Hub), announced by Eni in March 2026. These projects contain almost 283 billion cubic metres of gas initially in place (GIIP) and around 550 million barrels of associated condensate, with production expected to start in 2028 and reach a plateau of 56.5 million cubic metres of gas and 90,000 bpd of condensate by 2029.
Eni has been present in Indonesia since 2001 with exploration, development and production
Recently Eni also announced the giant gas discovery Geliga-1 in the Ganal block, in the Kutei basin, estimated at around 140 billion cubic metres of gas and 300 million barrels of condensate in place. The well has demonstrated excellent reservoir quality, capable of producing around 5.7 million cubic metres of gas and 10,000 bpd of condensate. The establishment of Searah supports the deployment of the capital and resources needed to achieve a near-term production target of 500,000 boe/d of participating interest, while promoting further development opportunities arising from the success of the Geliga exploration well. Eni has been present in Indonesia since 2001 and currently holds a diversified Upstream portfolio which includes exploration, development and production activities. Net production stands at around 90,000 boe/day, mainly from the offshore fields of Jangkrik and Merakes, off the coast of East Kalimantan. The foundation of Searah marks a new chapter in the long-standing presence and commitment of Eni and PETRONAS in the region.
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