Petronas-Eni JV integrates 19 gas assets in Indonesia and Malaysia

It targets more than 500,000 boepd within three years.

Petronas and Italy-based Eni have formed a 50:50 joint venture (JV), Searah, combining selected oil and gas assets across Malaysia and Indonesia to scale production and streamline operations.

The JV operates as an independent company integrating selected portfolios from both firms to manage production and development under a unified structure.

Searah brings together 19 gas-producing and development assets, including 14 in Indonesia and five in Malaysia, beginning with production of about 300,000 barrels of oil equivalent per day (boepd) and targets more than 500,000 boepd within three years.

The formation follows a memorandum of understanding announced in February 2025 and an investment agreement signed on 3 November 2025.

The structure is designed to support portfolio optimisation and capital deployment, combining technical expertise and regional operating knowledge from both partners.

Searah has access to a $6b revolving credit facility and an investment pipeline of around $20b over five years, subject to regulatory approvals. 

These investments are intended to support development of more than three billion barrels of oil equivalent of discovered resources, alongside additional exploration activity.

Petronas and Eni said the venture will focus on responsible operations and long-term value creation across Malaysia and Indonesia.