Eni, PETRONAS name SE Asia upstream venture

By Romel S. Gurky

Italian oil, gas giant Eni SpA has unveiled SEARAH as the name of its new joint venture with PETRONAS, as the partners advance plans to combine upstream oil and gas assets in Malaysia and Indonesia.

The venture, previously referred to as “NewCo,” is expected to start operations by mid-2026 following agreements signed in 2025, including a framework deal in June and a binding agreement in November.

SEARAH will be owned equally by Eni and PETRONAS and will manage a portfolio of 19 assets, including 14 located in Indonesia. The companies are currently in the process of securing regulatory and partner approvals ahead of completion.

The joint venture is expected to begin with a combined production base of more than 300,000 barrels of oil equivalent per day, with output projected to exceed 500,000 boe per day over the medium term as development and exploration activities progress.

Read also: Eni targets mid 2026 start for Indonesia Malaysia JV with Petronas

The partners plan to invest more than US$15 billion over the first five years, targeting the development of eight projects and the drilling of 15 exploration wells. The portfolio is estimated to hold around 3 billion boe of discovered reserves, with an additional 10 billion boe of exploration potential.

Indonesia is set to play a central role in the venture, particularly through assets in the Kutei Basin, where recent exploration success including the Konta gas discovery is expected to support future development.

The name SEARAH is derived from the Malay and Indonesian word meaning alignment or shared direction, reflecting the companies’ intention to operate under a unified strategy and performance framework.

Eni Chief Executive Claudio Descalzi has said the partnership strengthens the company’s gas and LNG growth platform in Southeast Asia, while PETRONAS sees the collaboration as a way to deepen regional cooperation and improve resource development efficiency.

Editing by Alexander Ginting