Petroliam Nasional Bhd (PETRONAS) and Italian energy major Eni have formally established Searah, a 50:50 joint venture that combines selected upstream assets in Malaysia and Indonesia, creating one of Southeast Asia’s largest integrated gas-focused energy platforms.
The launch of Searah marks a significant milestone in the strategic partnership between the two energy companies, aimed at strengthening regional energy security, accelerating sustainable energy development and enhancing long-term value creation across their portfolios.
The new entity will operate independently and serve as a dedicated platform to improve operational performance, optimise resource development and unlock growth opportunities across both countries.
The establishment of Searah follows the signing of a memorandum of understanding between PETRONAS and Eni in February 2025, followed by an investment agreement concluded in November the same year. The companies said all necessary regulatory, governmental and partner approvals have now been secured.
Searah begins operations with a portfolio comprising 19 producing and development assets, including 14 in Indonesia and five in Malaysia.
The company will start with an initial production capacity of approximately 300,000 barrels of oil equivalent per day (boe/d), with plans to increase sustainable production to more than 500,000 boe/d within the next three years.
To support its growth strategy, Searah has secured a US$6 billion revolving credit facility and is expected to undertake investments totalling approximately US$20 billion over the next five years, subject to regulatory approvals.
The planned investments will be directed towards developing more than three billion barrels of oil equivalent in discovered resources while also supporting further exploration activities across the region.
Both PETRONAS and Eni said the venture will be guided by shared sustainability goals, including responsible operations, environmental stewardship and the creation of long-term economic value for stakeholders in Malaysia and Indonesia.
The companies expect Searah to play a key role in supporting the region’s evolving energy needs while strengthening the resilience and security of natural gas supplies in Southeast Asia.
