Eni and Petronas launch joint venture for Indonesian and Malaysian assets
Eni and Petronas have established Searah, a 50:50 independent joint venture.
The new venture will oversee a significant portfolio of gas-producing and development assets in Indonesia and Malaysia.
Searah will start operations with 19 assets and a production base in excess of 300,000 barrels of oil equivalent per day, with plans to increase output to more than 500,000 boepd within three years.
A revolving credit facility worth $6bn has been secured to fund growth initiatives, with more than $20bn in investments expected over the next five years.