Eni, Petronas finalize Searah upstream joint venture
Key Highlights
- Eni and Petronas officially formed the Searah joint venture to oversee selected upstream assets in Indonesia and Malaysia.
- The JV will start from an 300,000 boe/d initial base and aims to exceed 500,000 boe/d within the next 3 years.
Eni and Petronas have officially formed Searah, a 50-50 independent joint venture combining key businesses across Indonesia and Malaysia following a November 2025 investment agreement and a February 2025 Memorandum of Understanding.
Searah brings together a portfolio of 19 gas-producing and development assets (14 in Indonesia, 5 in Malaysia) and 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 3 years, the companies said.
All required regulatory, governmental, and partner approvals in both Malaysia and Indonesia have been obtained, and all conditions precedent have been met.
All Eni Indonesia and Petronas Indonesia staff have transitioned to Searah, alongside the establishment of Searah Malaysia Sdn Bhd, a dedicated entity created to manage Malaysian assets.