Eni in collaboration to create an independent integrated energy company in South-East Asia

08 Jun Eni in collaboration to create an independent integrated energy company in South-East Asia

London, (Oilandgaspress) Eni and PETRONAS announce that Searah, a new 50/50 independent joint venture combining key businesses across Indonesia and Malaysia, has been officially established just seven months after the signing of the Investment Agreement on November 3, 2025, and 16 months after the Memorandum of Understanding announced in February 2025.

Searah brings together the complementary portfolios, capabilities, and regional expertise to deliver long-term value creation and operational excellence across Indonesia and Malaysia. With a portfolio of 19 gas-producing and development assets—14 in Indonesia and 5 in Malaysia, Searah will start from an initial production base in excess of 300,000 boe/d, aiming to exceed 500,000 boe/d of sustainable production within the next three years.

All required regulatory, governmental, and partner approvals in both Malaysia and Indonesia have been obtained, and all conditions precedent have been met.

Claudio Descalzi, CEO of Eni, said: “Searah reflects our proven satellite strategy that aims at building focused, high-quality businesses that can combine scale, efficiency, and growth, and that are driven by our excellence in exploration and project execution, and our continued focus on technology and innovation. Searah is a strong new entity in Southeast Asia—the first and largest of its kind in the region—combining our expertise 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 Group CEO of PETRONAS, said: “The establishment of Searah aligns with PETRONAS’ intensified focus on exercising greater discipline in developing resources coupled with more agile capital deployment as well as stronger emphasis on sustained value creation across the gas value chain. Leveraging the complementary portfolios and capabilities of both PETRONAS and Eni, Searah is envisaged to bring the operational depth, financial resilience and growth capacity of both partners in addressing the region’s growing energy needs reliably and responsibly, even as it contributes towards the long-term security of supply in Indonesia and Malaysia.”

A USD 6 billion Revolving Credit Facility has been successfully secured, reflecting the strong confidence of the financial markets to fund Searah’s growth plans, which include a pipeline of expected investment for over USD 20 billion over the next five years. These investments will support the development of more than 3 billion barrels of oil equivalent (boe) of discovered resources and unlock multi-billion boe of additional exploration potential.

Eni and PETRONAS share aligned environmental and sustainability objectives for Searah, and believe the collaboration will strengthen operations while supporting economic development and local opportunities in both countries. Searah’s independent and integrated operating model will also generate significant synergies, particularly in logistics and technology..

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