The move marks another step in the broader portfolio reshaping pursued by the Italian energy group under CEO Claudio Descalzi, as Eni deepens its focus on gas and scales up partnerships across strategic regions.
Why it matters:
- Searah gives Eni greater scale in one of the world’s fastest-growing energy markets.
- The venture consolidates 19 production and development assets across Indonesia and Malaysia.
- It reflects Eni’s strategy of creating focused business platforms built around scale, efficiency and growth.
- The deal comes as Eni is also expanding its gas footprint in Africa, including recent discoveries offshore Libya.
The big picture: The creation of Searah comes just seven months after Eni and Petronas signed their investment agreement on Nov. 3, 2025, and 16 months after the memorandum of understanding announced in February 2025.
- According to Eni, the new company will combine complementary portfolios, expertise and regional experience to deliver long-term value creation and operational excellence in Indonesia and Malaysia.
- The venture starts with:
- 19 production and development gas assets;
- 14 assets in Indonesia;
- 5 assets in Malaysia;
- initial production of more than 300,000 barrels of oil equivalent per day (boe/d).
- The partners aim to increase sustainable production beyond 500,000 boe/d within three years.
Zoom in: Eni’s satellite strategy. Descalzi framed the transaction as part of Eni’s long-standing corporate model.
- “Searah reflects our established satellite strategy, aimed at creating focused, high-quality businesses capable of combining scale, efficiency and growth,” he said.
- The CEO linked the venture to Eni’s strengths in exploration, project execution, technology and innovation.
- The message from Rome is that scale alone is not the objective. The company is increasingly seeking to organize assets through targeted business platforms designed to accelerate growth while improving operational performance.
Between the lines: For Petronas, the deal is also about capital discipline and maximizing value from gas resources.
- President and CEO Tengku Muhammad Taufik said the venture aligns with the company’s growing focus on resource development discipline, more agile capital deployment and sustainable value creation across the gas value chain.
- According to Taufik, Searah is intended to combine the operational depth, financial resilience and growth capacity of both companies while helping meet rising regional energy demand and supporting long-term supply security in Indonesia and Malaysia.
Zoom out: Asia and Africa. The Southeast Asian venture is only one pillar of Eni’s current international strategy. The other major front remains Africa.
- Earlier this year, Eni announced two new gas and condensate discoveries offshore Libya following an exploration campaign launched in recent months.
- The discoveries, known as Bahr Essalam South 2 and Bahr Essalam South 3, were identified through the B2 16/4 and C1-16/4 wells.
- The structures are located around 85 kilometers offshore, in approximately 200 meters of water depth, and about 16 kilometers south of the Bahr Essalam gas field.
- According to Eni, mineralized levels were encountered in both wells within the Metlaoui Formation, the area’s main producing formation.
The bottom line: The launch of Searah underscores how Eni is pursuing growth through a combination of regional partnerships, gas-focused assets and targeted corporate platforms. The new Southeast Asian venture and recent Libyan discoveries point to a strategy built around expanding gas production across multiple geographies while strengthening long-term supply prospects.
