Eni-Petronas JV Searah Secures $6bn Credit, Targets 500,000 boepd
E•Eni and Petronas have finalised a 50:50 JV named Searah to oversee 19 gas-producing and development assets in Indonesia and Malaysia, starting with over 300,000 boepd and targeting more than 500,000 boepd within three years. The venture secured a $6 billion credit facility and plans $20 billion in investments over five years.
1. Formation of Searah JV
Eni and Petronas have established Searah, a 50:50 independent joint venture overseeing 19 gas-producing and development assets across Indonesia (14) and Malaysia (5), following agreements signed since February 2025.
2. Production targets and assets
Searah begins operations with over 300,000 barrels of oil equivalent per day (boepd) and plans to raise production above 500,000 boepd within three years by optimizing existing fields and pursuing new developments.
3. Financing and investment plan
The joint venture secured a $6 billion credit facility to support growth initiatives and intends to allocate more than $20 billion over five years to develop over three billion barrels of oil equivalent in discovered resources and explore additional opportunities.
4. Operational leadership and asset context
Executives from both Eni and Petronas will fill management roles, with Searah building on recent final investment decisions at the Gendalo, Gandang, Geng North and Gehem fields, which hold nearly ten trillion cubic feet of gas and 550 million barrels of condensate.
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