Italian energy major Eni and Malaysia's state-owned Petronas have established a 50:50 joint venture named Searah. The new entity is designed to fully integrate the core energy operations of both companies in Indonesia and Malaysia.
This move is a key part of Eni's "satellite strategy," which involves spinning off specific assets and bringing in partners for their independent development.
According to a joint statement, the newly formed Searah will have an initial production exceeding 300,000 barrels of oil equivalent per day. The company aims to increase its sustainable production to over 500,000 barrels per day within the next three years. Its portfolio will include unified management of 19 gas production and development projects, comprising 14 in Indonesia and 5 in Malaysia.
Eni Chief Executive Claudio Descalzi stated that Searah, as a robust new entity in Southeast Asia, will combine the technical expertise of both Eni and Petronas. The venture will advance energy resource development in Indonesia and Malaysia while committing to environmental protection and fostering local economic growth.
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