Eni (E) and Petronas have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia, the companies said Monday.
Searah includes a portfolio of 14 gas-producing and development assets in Indonesia and five in Malaysia, starting from an initial base in excess of more than 300,000 barrels of oil equivalent per day, increasing to 500,000 within the next three years, the companies said.
All Malaysian and Indonesian regulatory and governmental approvals have been obtained, the companies said.
The joint venture has also secured a $6 billion revolving credit facility, the companies said.
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