Petronas, Eni Establish Searah JV To Strengthen Regional Energy Security
KUALA LUMPUR, June 8 (Bernama) -- Malaysia’s national oil and gas company Petroliam Nasional Bhd (Petronas) and Italian oil company Eni have announced the formation of Searah, a 50:50 joint venture (JV) that combines selected assets in Malaysia and Indonesia.
In a statement today, Petronas said the JV is a 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,” said the statement.
Petronas president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said Searah aligns with the company’s focus on exercising greater discipline in developing resources, coupled with more agile capital deployment, as well as a stronger emphasis on sustained value creation across the gas value chain.
“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,” he said.
Eni chief executive officer Claudio Descalzi said Searah embodies the proven strategy focused on creating high-quality businesses that integrate scale, efficiency, and growth.
This is driven by Eni’s excellence in exploration and project execution, and the company’s 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 Petronas to support the development of energy resources in Indonesia and Malaysia, with a strong commitment to environmental protection and local growth,” he said.
The establishment builds on the memorandum of understanding announced in February 2025 and the subsequent signing of the investment agreement announced on Nov 3, 2025, with all required regulatory, governmental and partner approvals obtained.
With a portfolio of 19 gas-producing and development assets — 14 in Indonesia and five 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.
-- BERNAMA