Eni and Petronas Launch Searah Venture Producing 300,000 boe/d, Targeting 500,000
E•Eni and Petronas have launched Searah, an upstream joint venture uniting 19 oil and gas assets in Indonesia and Malaysia, starting with over 300,000 boe/d production and targeting 500,000 boe/d within three years. The venture secured a $6 billion revolving credit facility and plans a $20 billion investment pipeline.
1. Joint Venture Launch
Eni and Petronas have established Searah as a 50:50 upstream venture combining 19 producing and development assets across Indonesia (14) and Malaysia (5), finalizing approvals within seven months of signing their investment agreement.
2. Production Scale and Targets
Searah begins operations with production exceeding 300,000 boe/d and aims to surpass 500,000 boe/d within three years, leveraging combined technical expertise and asset portfolios from both companies.
3. Financing and Investment Pipeline
The venture secured a $6 billion revolving credit facility to support an anticipated $20 billion investment pipeline over five years, targeting development of over 3 billion boe of discovered resources and new exploration opportunities.
4. Strategic Context and Future Projects
Searah’s gas-weighted portfolio aligns with regional LNG demand growth and follows Eni’s satellite strategy; recent project approvals in the South and North Hub fields add nearly 10 trillion cubic feet of gas and 550 million barrels of condensate, with production slated to start by 2028.
