PETRONAS and Eni have announced the establishment of 50/50 joint venture Searah, which will combine key businesses across Indonesia and Malaysia. This comes seven months after the Investment Agreement on 3 November 2025 and 16 months after the Memorandum of Understanding in February 2025.
Searah’s portfolio includes 19 gas-producing and development assets – 14 in Indonesia and five in Malaysia. It will collate the participating companies’ portfolios, capabilities and regional expertise to deliver long-term value creation and operational excellence across the two countries. The collaboration will strengthen operations, and support economic development and local opportunities, with Searah’s independent and integrated operating model generating synergies most notably in logistics and technology.
Claudio Descalzi, CEO of Eni, says: ‘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.’
Tengku Muhammad Taufik, President and Group CEO of PETRONAS, adds: ‘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.’
