PETRONAS and Eni Create Searah to Grow Regional Gas Portfolio

Two major energy companies have combined assets across Malaysia and Indonesia to create a new operating platform with ambitious production and investment targets.

(P&GJ) — PETRONAS and Eni have completed the formation of Searah, a 50-50 joint venture that combines selected oil and gas assets across Malaysia and Indonesia in a move aimed at expanding regional energy development and natural gas supply.

The new company begins operations with interests in 19 producing and development assets, including 14 in Indonesia and five in Malaysia. Combined production is approximately 300,000 barrels of oil equivalent per day (boe/d), with the partners targeting more than 500,000 boe/d within three years.

The venture was first outlined in a memorandum of understanding signed in February 2025 and later formalized through an investment agreement. PETRONAS and Eni said all required regulatory and partner approvals have been secured.

Searah will focus on developing discovered oil and gas resources while pursuing additional exploration opportunities across Southeast Asia. The company is backed by a $6 billion revolving credit facility and expects to evaluate up to $20 billion in investments over the next five years, subject to regulatory approvals.

According to the companies, the portfolio includes more than 3 billion barrels of oil equivalent in discovered resources. The venture is intended to provide a dedicated platform for developing energy assets in Malaysia and Indonesia while supporting regional energy security.

PETRONAS President and Group CEO Tengku Muhammad Taufik said the venture combines the capabilities and asset portfolios of both companies to help meet growing energy demand in Southeast Asia.

Eni CEO Claudio Descalzi described Searah as a new regional operating platform designed to leverage the companies' experience in exploration, project development and resource management.