Eni and PETRONAS have combined their key upstream businesses across Indonesia and Malaysia in Searah, a new 50/50 independent joint venture (Eni press release, 08/06/2026). Searah’s portfolio consists of 19 gas-producing and development assets (14 in Indonesia and 5 in Malaysia) with an initial production base exceeding 300 kboe/d, aiming to surpass 500 kboe/d within the next three years.
The JV has secured a USD6bn Revolving Credit Facility to launch the company’s growth plans that include a USD20bn investment pipeline over the upcoming five years to develop more than 3 Gboe of discovered resources and unlock additional exploration potential.
The creation of the JV, announced in February 2025, represents a core application of Eni’s "satellite strategy," an operational model focused on spinning off specific asset portfolios and developing them with the help of a partner.
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