Searah brings together the complementary portfolios, capabilities, and regional expertise to deliver long-term value creation and operational excellence across Indonesia and Malaysia.
With a portfolio of 19 gas-producing and development assets – 14 in Indonesia and 5 in Malaysia, Searah will start from an initial production base in excess of 300,000 boe/d, aiming to exceed 500,000 boe/d of sustainable production within the next three years.
All required regulatory, governmental, and partner approvals in both Malaysia and Indonesia have been obtained, and all conditions precedent have been met.
A USD 6 billion Revolving Credit Facility has been successfully secured, reflecting the strong confidence of the financial markets to fund Searah’s growth plans, which include a pipeline of expected investment for over USD 20 billion over the next five years. These investments will support the development of more than 3 billion barrels of oil equivalent (boe) of discovered resources and unlock multi-billion boe of additional exploration potential.
Eni and PETRONAS share aligned environmental and sustainability objectives for Searah, and believe the collaboration will strengthen operations while supporting economic development and local opportunities in both countries.
Searah’s leadership team draws on extensive experience from both companies. All Eni Indonesia and PETRONAS Indonesia staff have transitioned to Searah, alongside the establishment of Searah Malaysia Sdn Bhd, a dedicated entity created to manage Malaysian assets.
The launch of Searah follows Eni’s recent announcement of the giant Geliga-1 gas discovery in the Ganal block in the Kutei basin, estimated to contain around 5 Tcf of gas and 300 million barrels of condensate in place. The well has demonstrated excellent reservoir quality, capable of producing approximately 200 MMSCFD of gas and 10,000 bpd of condensate.
The establishment of Searah supports the deployment of capital and resources required to achieve a short-term production target of 500,000 boe/d equity, while advancing further development opportunities stemming from the success of the Geliga exploration well.
Eni in Indonesia
Eni has been present in Indonesia since 2001 and currently holds a diversified upstream portfolio spanning exploration, development, and production.
Net production stands at approximately 90,000 boe/d, mainly from the Jangkrik and Merakes fields offshore East Kalimantan.
