Eni (BIT:ENI) and Petronas have formally launched Searah, a new jointly owned company that combines selected upstream gas assets in Indonesia and Malaysia under a 50-50 partnership structure.
According to a statement from Eni, the new entity will operate as an independent joint venture and will oversee a portfolio comprising 19 producing and development-stage gas assets across the two Southeast Asian markets.
Searah will begin operations with production exceeding 300,000 barrels of oil equivalent per day (boe/d). The partners have set a target of increasing sustainable output to more than 500,000 boe/d within the next three years, supported by ongoing development projects and future growth opportunities within the portfolio.
The establishment of the joint venture follows the completion of all required regulatory approvals, government authorisations and partner consents in both Indonesia and Malaysia. Eni confirmed that all conditions necessary for the transaction to become effective have now been satisfied.
The new venture is expected to strengthen the companies’ position in the regional gas market while creating a larger platform for future investment and production growth across Southeast Asia.
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