Eni has signed two binding agreements to sell interests in selected Indonesian upstream assets operated by Searah, the independent 50/50 joint venture between Eni and Petronas.

The deals, announced on 12 October 2026 from San Donato Milanese, will see the Italian company divest 10% interests in two separate clusters of production-sharing contracts to Pertamina and Medco, respectively.

Sale to Pertamina covers East Kalimantan gas assets

Under the first agreement, Eni will sell its 10% interest in the East Sepinggan, North Ganal, and Rapak PSCs to Pertamina, Indonesia's national energy company and the country's largest oil and gas producer. Pertamina plays a strategic role in East Kalimantan's energy infrastructure and upstream gas network.

The assets in this package include the producing Merakes and East Merakes gas fields, as well as the Geng North and Gehem gas discoveries, which are currently being developed through the North Hub gas project. That project has been designated as a National Strategic Project.

Medco acquires interest in Ganal-area and Muara Bakau PSCs

The second agreement covers Eni's 10% interest in the West Ganal, East Ganal, Ganal, and Muara Bakau PSCs, which will be sold to Medco, described by Eni as a leading Southeast Asian energy and natural resources company.

This portfolio includes the producing Jangkrik field, the Maha, Gendalo, and Gandang gas projects being executed as part of the South Hub project, and the recently announced Geliga giant gas discovery.

Exploration success drives industry interest

Eni said the transactions follow the recent start-up of Searah and reflect the strong value growth the company has generated across the Kutei Basin in recent years through what it describes as its distinctive exploration and development capabilities.

Recent exploration successes at Geng North and Geliga have identified more than 10 trillion cubic feet of gas and 650 million barrels of condensate. Together with the final investment decisions announced last March for the North Hub and South Hub projects, these results have created significant value for Eni and attracted strong industry interest in the assets, according to the company's statement.

Completion of both transactions remains subject to customary governmental and regulatory approvals.

Searah context and Eni's Indonesian presence

Searah was formed as a 50/50 joint venture between Eni and Petronas, with Eni owning its 50% share since June 2026. The company brings together the two partners' complementary portfolios, capabilities, and regional expertise to deliver long-term value creation and operational excellence across Indonesia and Malaysia.

Searah holds a portfolio of 19 gas-producing and development assets, 14 in Indonesia and 5 in Malaysia, and is currently producing around 350,000 barrels of oil equivalent per day. The venture is aiming to exceed 500,000 barrels of oil equivalent per day of sustainable production by 2028.

Eni has operated in Indonesia since 2001, maintaining a diversified upstream portfolio spanning exploration, development, and production, and more recently focusing on agribusiness. The company directly operates the Peri-Mahakam PSC, the Makassar Strait PSC, and the recently awarded Sapukala block.

From LNG Terminals to Offshore Rigs: Stay Ahead of Southeast Asia's Energy Boom

Southeast Asia is set to account for the majority of global energy demand growth over the next decade, and every new refinery, pipeline, and LNG expansion creates opportunities for those who see them first. The question is, will your team have the intelligence to act before competitors do?

The Global Project Tracking (GPT) platform by Blackridge Research delivers real-time visibility into oil and gas capital projects across the region, from exploration phases through commissioning. Identify emerging opportunities, track procurement timelines, and connect with decision-makers while deals are still taking shape.

Whether you supply equipment, engineering services, or construction expertise, early project intelligence is the difference between chasing tenders and shaping them.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

Book a Free Demo of the Global Project Tracking (GPT) platform by Blackridge Research and put Southeast Asia's oil and gas pipeline at your fingertips.