Eni and PETRONAS have officially established Searah, a 50:50 joint venture combining selected upstream oil and gas assets in Indonesia and Malaysia. The company was formed seven months after the signing of the investment agreement and brings together 19 producing and development assets, including 14 in Indonesia and five in Malaysia. Searah will begin operations with production exceeding 300,000 barrels of oil equivalent per day (boe/d) and is targeting more than 500,000 boe/d within three years. All required regulatory approvals in both countries have been secured.
Searah has secured a USD6 billion revolving credit facility and plans to invest more than USD20 billion over the next five years to develop over 3 billion boe of discovered resources and pursue additional exploration opportunities. The venture follows recent final investment decisions on Eni-operated South Hub and North Hub gas projects in Indonesia, as well as the Geliga-1 gas discovery in the Kutei Basin. These developments are expected to support significant future production growth and strengthen regional energy security.
The new company combines the technical capabilities, operational expertise and regional presence of both partners, while maintaining a strong focus on sustainability, technology and operational efficiency. Existing Eni Indonesia and PETRONAS Indonesia staff have transferred to Searah, while Searah Malaysia Sdn Bhd has been established to manage Malaysian operations. The partners expect the venture to generate synergies in logistics, technology and resource development while supporting economic growth in Indonesia and Malaysia.