PETRONAS and Eni form Searah JV to boost regional energy security
- Searah is a 50:50 joint venture between PETRONAS and Eni combining selected assets in Malaysia and Indonesia.
- The portfolio comprises 19 gas-producing and development assets — 14 in Indonesia and 5 in Malaysia.
- Initial production is ~300,000 boe/d with a target of over 500,000 boe/d within three years.
- Financing includes a USD 6 billion revolving credit facility and an anticipated USD 20 billion investment pipeline over five years to develop >3 billion boe of discovered resources.
JV purpose and structure
Searah is a 50:50 joint venture between PETRONAS and Eni that combines selected assets across Malaysia and Indonesia and is structured to operate as an independent entity to enhance operational performance and accelerate value creation.
Portfolio and production targets
The JV starts with a portfolio of 19 gas-producing and development assets (14 in Indonesia, 5 in Malaysia) and an initial production base of approximately 300,000 barrels of oil equivalent per day. Searah targets sustainable production of over 500,000 boe/d within the next three years.
Financing and investment plan
Searah is supported by a USD 6 billion revolving credit facility and has an anticipated investment pipeline totalling USD 20 billion over the next five years, subject to customary regulatory approvals. Planned investments are intended to develop more than 3 billion boe of discovered resources and to unlock further exploration potential.
Approvals and commitments
The establishment follows a Memorandum of Understanding announced in February 2025 and the Investment Agreement signed on 3 November 2025, with required regulatory, governmental and partner approvals obtained. PETRONAS and Eni state aligned ambitions on responsible operations, environmental stewardship and contributing to Malaysia and regional energy security.
Source: Petronas