Eni-Petronas Gas JV

Eni and Petronas Officially Launch Searah, Consolidating 19 Gas Assets with Major Investment

Eni and Malaysia’s Petronas have officially established Searah, a 50-50 upstream joint venture spanning key gas assets in Indonesia and Malaysia, after signing their investment agreement on Nov. 3, 2025. The new company consolidates 19 gas production and development assets across the two countries, starting with initial output above 300,000 barrels of oil equivalent per day and targeting sustained production of more than 500,000 boe/d within three years, with all required approvals and conditions precedent completed. Searah is set up as the regional operator for the assets, with Eni Indonesia and Petronas Indonesia staff transitioning into the venture and a separate entity, Searah Malaysia Sdn Bhd, created to manage Malaysian holdings. Eni said the deal fits its “satellite strategy” of building focused growth platforms, while Petronas emphasized disciplined resource development and faster, more sustainable capital deployment across the gas value chain. To fund expansion, Searah has secured a $6 billion revolving credit facility and plans investments of more than $20 billion over five years, supporting development of more than 3 billion barrels of oil equivalent in discovered resources alongside further exploration potential. The launch also follows recent development and exploration momentum, including FIDs for multiple Indonesian fields and Eni’s Geliga-1 gas discovery in the Ganal block.

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