PETRONAS and Eni announced the establishment of Searah, a 50:50 joint venture combining selected assets across Malaysia and Indonesia, as part of a partnership-led approach to strengthen portfolio value, support sustainable energy development and strengthen Malaysia and regional energy security.

Designed to operate as an independent entity, Searah provides a more focused platform to enhance operational performance and accelerate value creation, in line with PETRONAS’ ongoing efforts to optimise its portfolio and pursue new avenues for growth. By combining selected assets across Malaysia and Indonesia, PETRONAS and Eni have formed synergies in portfolios, technical expertise, and regional insights. This approach enables greater scale, sharper execution and stronger value delivery.

PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik, said: “The establishment of Searah aligns with PETRONAS’ intensified focus on exercising greater discipline in developing resources coupled with more agile capital deployment as well as stronger emphasis on sustained value creation across the gas value chain. Leveraging the complementary portfolios and capabilities of both PETRONAS and Eni, Searah is envisaged to bring the operational depth, financial resilience and growth capacity of both partners in addressing the region’s growing energy needs reliably and responsibly, even as it contributes towards the long-term security of supply in Indonesia and Malaysia.”

Eni Chief Executive Officer, Claudio Descalzi, said: “Searah reflects our proven satellite strategy that aims at building focused, high-quality businesses that can combine scale, efficiency, and growth, and that are driven by our excellence in exploration and project execution, and our continued focus on technology and innovation. Searah is a strong new entity in Southeast Asia—the first and largest of its kind in the region—combining our expertise with that of PETRONAS to support the development of energy resources in Indonesia and Malaysia, with a strong commitment to environmental protection and local growth.”

The establishment builds on the Memorandum of Understanding announced in February 2025 and the subsequent signing of the Investment Agreement announced on 3 November 2025, with all required regulatory, governmental and partner approvals obtained.

With a portfolio of 19 gas-producing and development assets — 14 in Indonesia and 5 in Malaysia —Searah starts with an initial production base of approximately 300,000 barrels of oil equivalent per day (boe/d), targeting over 500,000 boe/d of sustainable production within the next three years.

Searah is supported by a USD 6 billion revolving credit facility, with an anticipated pipeline of investments totalling USD 20 billion over the next five years, subject to customary regulatory approvals. These investments will support the development of more than 3 billion barrels of oil equivalent (boe) of discovered resources and unlock additional exploration potential.

PETRONAS and Eni share aligned sustainability ambitions for Searah, underpinned by responsible operations, environmental stewardship and the creation of long-term value and opportunities in both Malaysia and Indonesia.

PETRONAS remains steadfast in its commitment to energy security, and to building international presence and partnerships that support long-term sustainable energy development.

About Petronas

Petroliam Nasional Berhad (PETRONAS) is a global energy company committed to producing and delivering energy and solutions needed to advance society responsibly and sustainably.
As Malaysia’s national oil and gas company, we safeguard and manage the nation’s hydrocarbon resources. Our aim is to maximise value through our integrated business model to meet the energy needs of the nation and our customers across the globe. Our portfolio includes oil and gas, petrochemicals, petroleum products, as well as a range of cleaner energy solutions.

About Eni

Eni is a global energy tech company operating in 64 Countries, with about 32,500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni's goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers.
In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni's areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy - a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.