Eni and Petronas have officially established Searah, a new 50/50 joint venture that integrates selected business operations across Indonesia and Malaysia. This new entity has been described as Southeast Asia’s largest independent integrated energy joint venture (JV) company. The formal launch of the integrated energy JV follows a seven-month period after the investment agreement was signed in November 2025, and sixteen months after the initial memorandum of understanding was announced in February 2025.
Searah consolidates assets from both Indonesia and Malaysia, creating a robust portfolio comprising 19 gas-producing and development assets. 14 of these assets are located in Indonesia, with the remaining 5 situated in Malaysia. Upon commencement of operations, the company is set to produce over 300,000 barrels of oil equivalent per day (boe/d). A key objective for Searah is to achieve a sustainable production level exceeding 500,000 boe/d within the next three years.
According to Eni, all necessary regulatory, governmental, and partner approvals in both Indonesia and Malaysia have been secured, and all conditions precedent have been met. To support its ambitious growth plans, the integrated energy JV has also secured a $6 billion revolving credit facility. This financial backing is intended to fuel future expansion, which includes projected investments of more than $20 billion over the next five years. These planned investments are designed to facilitate the development of over 3 billion barrels of oil equivalent in discovered resources, while also exploring additional exploration potential.
The establishment of Searah follows recent key developments. In March 2026, Eni announced final investment decisions for the Gendalo and Gandang fields in the South Hub, alongside the Geng North and Gehem fields in the North Hub. These projects collectively hold nearly 10 trillion cubic feet of gas initially in place and approximately 550 million barrels of associated condensate. Production from these fields is anticipated to commence in 2028, with plateau levels expected to reach 2 billion standard cubic feet per day of gas and 90,000 barrels per day of condensate by 2029.
Furthermore, the launch of the integrated energy JV follows Eni’s recent Geliga-1 gas discovery in the Ganal block, located in the Kutei Basin. This discovery is estimated to contain around 5 trillion cubic feet of gas and 300 million barrels of condensate in place. Eni stated that Searah will be instrumental in deploying the capital and resources necessary to meet the short-term production target of 500,000 boe/d, while simultaneously advancing further development opportunities.
