Eni and PETRONAS have officially established Searah, a new 50:50 joint venture combining selected upstream and gas assets across Indonesia and Malaysia. The companies describe Searah as the leading independent integrated energy company in Southeast Asia, bringing together a substantial portfolio of producing, development and exploration assets.
Searah begins operations with an initial production base exceeding 300,000 barrels of oil equivalent per day (boe/d), with plans to increase production to more than 500,000 boe/d within the next three years. The portfolio includes 19 gas-producing and development assets, comprising 14 assets in Indonesia and five in Malaysia.
The new company is expected to play a significant role in meeting growing regional energy demand while supporting energy security across Southeast Asia. Searah has secured a US$6 billion revolving credit facility and is expected to invest more than US$20 billion over the next five years to develop discovered resources and pursue additional exploration opportunities.
According to the partners, the combined portfolio offers significant opportunities for operational synergies, particularly in logistics, technology and regional infrastructure. The venture will also provide a platform for accelerating development of major gas projects in the region, including recent discoveries and sanctioned developments in Indonesia.
The creation of Searah follows a series of regulatory approvals in Indonesia and Malaysia. The company joins a growing list of large-scale regional energy ventures designed to unlock value from maturing and emerging gas provinces while supporting long-term energy supply.
