Eni sells stakes in selected Indonesian upstream assets to Pertamina and Medco
- Eni will sell its 10% interest in the East Sepinggan, North Ganal and Rapak PSCs to Pertamina.
- Eni will sell its 10% interest in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs to Medco.
- Exploration at Geng North and Geliga has identified more than 10 Tcf of gas and 650 million barrels of condensate.
- Searah — the 50/50 Eni–Petronas JV formed in June 2026 — operates 19 gas-producing and development assets and is producing around 350 kboe/d, targeting over 500 kboe/d by 2028.
Transactions
Eni has signed two binding agreements to sell interests in selected Indonesian upstream assets operated by Searah. The company will sell its 10% interest in the East Sepinggan, North Ganal and Rapak PSCs to Pertamina, and its 10% interest in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs to Medco.
Assets and projects included
The assets cover producing fields and developments: Merakes and East Merakes (producing), Geng North–Gehem (being developed through the North Hub National Strategic Project), the producing Jangkrik field, the Maha, Gendalo and Gandang projects in the South Hub, and the Geliga giant gas discovery.
Exploration results and recent decisions
Recent exploration at Geng North and Geliga has identified more than 10 Tcf of gas and 650 million barrels of condensate. Final investment decisions for the North Hub and South Hub projects were announced last March.
Approvals and Eni’s Indonesian position
Completion of both transactions is subject to customary governmental and regulatory approvals. Eni has operated in Indonesia since 2001 and, since June 2026, owns 50% of Searah alongside Petronas; Searah’s 19 gas-producing and development assets (14 in Indonesia, 5 in Malaysia) produce around 350 kboe/d and aim to exceed 500 kboe/d by 2028. Eni also directly operates the Peri-Mahakam and Makassar Strait PSCs and the recently awarded Sapukala block.
Source: Eni