Searah, a new 50/50 independent joint venture between Eni and Petronas, has recently emerged as Southeast Asia’s integrated energy pioneer. This collaboration combines key businesses across Indonesia and Malaysia, boasting a diversified portfolio of 19 gas-producing and development assets.
Searah was established just seven months after signing the investment agreement between Eni and Petronas on November 3, 2025. This rapid development follows a memorandum of understanding announced in February 2025, marking a swift transition from concept to implementation. The joint venture has been designed to leverage complementary portfolios, capabilities, and regional expertise to foster long-term value creation and operational excellence in Indonesia and Malaysia.
Claudio Descalzi, CEO of Eni, emphasizes that Searah embodies a strategic vision: “This venture reflects our proven satellite strategy, focused on building high-quality businesses that integrate scale, efficiency, and growth.” He highlights the dual commitment to excellence in exploration and innovative project execution, asserting the joint endeavor’s promise of supporting the development of vital energy resources while ensuring environmental protection and local economic growth.
With all regulatory, governmental, and partner approvals obtained in both Malaysia and Indonesia, Searah is set to kick off with an initial production base exceeding 300,000 barrels of oil equivalent (boe) per day. The company’s ambitious goal is to escalate sustainable production beyond 500,000 boe per day within three years. This commitment not only addresses immediate energy needs but positions Searah as a key player in the region’s energy landscape.
Tengku Muhammad Taufik, President and Group CEO of Petronas, underscores the venture’s significance: “The establishment of Searah aligns with our commitment to more disciplined resource development and agile capital deployment.” He examines how this collaboration taps into the combined strengths of Eni and Petronas to effectively respond to growing energy demands, ensuring reliability and responsibility in supply, while enhancing long-term energy security in both countries.
Financial stability appears robust, with a $6 billion revolving credit facility secured, reflecting strong market confidence in Searah’s growth trajectory. The venture anticipates an investment pipeline exceeding $20 billion over the next five years aimed at supporting the development of over 3 billion boe of discovered resources, further poised to unlock substantial exploration potential.
The joint venture has seamlessly transitioned the entire workforce of Eni Indonesia and Petronas Indonesia into Searah, alongside the establishment of a dedicated entity, Searah Malaysia, to manage Malaysian assets efficiently. This strategic move coincides with the final investment decisions (FIDs) for critical projects, including the Gendalo and Gandang fields (South Hub), and the Geng North and Gehem fields (North Hub).
These projects are projected to hold nearly 10 trillion cubic feet (tcf) of gas initially in place (GIIP) and around 550 million barrels of associated condensate. Production is anticipated to commence in 2028, aiming to reach impressive benchmarks of 2 billion standard cubic feet per day (bscfd) of gas and 90,000 barrels per day (bpd) of condensate by 2029.
Add to this the recent announcement from Eni regarding the giant Geliga-1 gas discovery in the Ganal block within the Kutei basin, which is estimated to contain around 5 tcf of gas and 300 million barrels of condensate. The well’s exceptional reservoir quality is capable of producing approximately 200 million standard cubic feet per day (scfd) of gas and 10,000 bpd of condensate, underlining the rich potential both Eni and Petronas can harness through Searah.
The establishment of Searah fortifies the deployment of capital and resources necessary to achieve its ambitious short-term production target of 500,000 boe/d equity while setting the stage for further development opportunities stemming from the remarkable success of the Geliga exploration well.
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