KUALA LUMPUR – Petronas and Italy’s Eni have officially launched Searah, a 50:50 joint venture that consolidates selected upstream gas assets across Malaysia and Indonesia, marking one of Southeast Asia’s largest cross-border energy partnerships.
Designed as an independent operating entity, Searah will combine 19 gas-producing and development assets with 14 in Indonesia and five in Malaysia — with an initial output of more than 300,000 barrels of oil equivalent per day (boe/d). The venture aims to scale production to over 500,000 boe/d within three years.
The JV is built on a strategic framework first outlined through a Memorandum of Understanding in February 2025, followed by an investment agreement in November 2025, and has now received all required regulatory and partner approvals.
Both companies said Searah will enable greater operational efficiency by pooling technical expertise, portfolio strength and regional knowledge. The structure is expected to improve capital discipline while accelerating project delivery across the combined asset base.
Petronas President and Group CEO Tan Sri Tengku Muhammad Taufik said the venture reflects the group’s focus on disciplined resource development, agile capital deployment and long-term value creation across the gas value chain.
At the same time, Eni CEO Claudio Descalzi described Searah as part of the company’s “satellite strategy” to build focused, high-performing energy businesses combining scale, efficiency and technological innovation.
Searah begins operations supported by a US$6 billion revolving credit facility, with an estimated US$20 billion investment pipeline over five years, subject to regulatory approvals.
The investments will support the development of more than 3 billion barrels of oil equivalent (boe) of discovered resources and unlock additional exploration upside across the region.
The portfolio includes several major deepwater gas developments, including projects linked to the Gendalo, Gandang, Geng North and Gehem fields. These assets are estimated to contain nearly 10 trillion cubic feet (tcf) of gas in place and around 550 million barrels of condensate, with production expected from 2028 and peak output targeted by 2029.
Searah also benefits from recent exploration success, including Eni’s Geliga-1 discovery in Indonesia’s Ganal block, estimated to hold around 5 tcf of gas and 300 million barrels of condensate.
Both Petronas and Eni said Searah will play a key role in strengthening energy security in Malaysia and Indonesia while supporting responsible operations, environmental stewardship and long-term sustainable development in Southeast Asia. – June 9, 2026
