Eni and PETRONAS launched Searah, combining Indonesian and Malaysian assets to create Southeast Asia’s largest independent integrated energy company.
Eni and PETRONAS have officially established Searah, a new independent joint venture equally owned by both companies, marking a significant milestone in the Southeast Asian energy sector. The company was formally launched only seven months after the signing of the Investment Agreement in November 2025 and approximately sixteen months after the initial Memorandum of Understanding was announced in February 2025.
Searah has been created by combining strategic energy assets and operations across Indonesia and Malaysia. The venture integrates the strengths, expertise, and regional experience of both partners to build a large-scale, efficient, and growth-oriented energy business. The company begins operations with a portfolio of 19 producing and development-stage assets, including 14 located in Indonesia and five in Malaysia. Initial production is expected to exceed 300,000 barrels of oil equivalent per day (boe/d), with plans to increase sustainable production beyond 500,000 boe/d within the next three years.
The formation of Searah follows the successful completion of all required regulatory approvals, governmental clearances, and partner consents in both countries. With these requirements fulfilled, the new company is positioned to accelerate energy development and resource commercialization throughout the region.
Eni CEO Claudio Descalzi described Searah as a reflection of the company’s proven strategy of creating focused and high-quality businesses that combine operational scale, efficiency, and growth potential. He highlighted that the venture leverages Eni’s expertise in exploration, project execution, technological innovation, and operational excellence while benefiting from PETRONAS’ strong regional presence and capabilities. According to Descalzi, Searah represents the first and largest independent integrated energy company of its kind in Southeast Asia and will contribute to resource development while maintaining a strong commitment to environmental responsibility and local economic growth.
PETRONAS President and Group CEO Tengku Muhammad Taufik emphasized that the partnership supports the company’s objective of disciplined resource development and efficient capital allocation. He noted that Searah combines the complementary strengths of both organizations, providing operational expertise, financial stability, and growth opportunities necessary to meet Southeast Asia’s rising energy demand while ensuring reliable and responsible energy supply.
Investor confidence in the venture has been demonstrated through the successful securing of a USD 6 billion revolving credit facility. This financing will support Searah’s ambitious growth strategy, which includes more than USD 20 billion in planned investments over the next five years. These investments are expected to advance the development of over 3 billion barrels of oil equivalent in discovered resources while unlocking substantial additional exploration potential.
Both Eni and PETRONAS have aligned sustainability objectives for the new company and expect significant operational synergies through integrated logistics, technology sharing, and coordinated asset management. Searah will operate independently, supported by an experienced leadership team drawn from both parent companies. Employees from Eni Indonesia and PETRONAS Indonesia have transitioned into the new organization, while Searah Malaysia Sdn Bhd has been established to oversee Malaysian operations.
The company’s launch follows several major upstream developments, including final investment decisions for the Gendalo, Gandang, Geng North, and Gehem gas projects, which collectively contain nearly 10 trillion cubic feet of gas resources and substantial condensate volumes. Additionally, Eni recently announced the significant Geliga-1 gas discovery in Indonesia’s Kutei Basin. These developments strengthen Searah’s resource base and support its objective of achieving a near-term production target of 500,000 boe/d while pursuing further exploration and development opportunities.
The creation of Searah marks a new phase in the long-standing commitment of Eni and PETRONAS to Southeast Asia’s energy future, positioning the company as a major regional energy player with strong growth prospects and a focus on sustainable development.
