MILANO (ITALPRESS) – Eni has signed two binding agreements for the sale of investments in selected assets upstream in Indonesia operated by Searah, the independent joint venture participated to 50% from Eni and 50% from Petronas. The first agreement concerns the sale to Pertamina. Eni will cede to Pertamina – Indonesia’s national energy company and the country’s largest oil and gas producer, with a strategic role in the energy infrastructures of East Kalimantan and in the region’s gas network – its 10% stake in East Sepinggan, North Ganal and Rapak. Assets include Merakes and East Merakes gas deposits, as well as Geng North and Gehem gas discoveries, currently being developed through the North Hub gas project, designated as the National Strategic Project. The second is the sale to Medco. Eni will give Medco, the leading company in the energy and natural resources sector of Southeast Asia, its participation of 10% in the PSC West Ganal, East Ganal, Ganal and Muara Bakau. These assets include Jangkrik’s production plant; Maha, Gendalo and Gandang gas projects, developed within the South Hub project; and Geliga, the recent gas giant discovery. Operations follow the recent launch of Searah and highlight the solid creation of value generated by Eni in recent years in the Kutei Basin, thanks to its distinctive capabilities in exploration and development.
The recent exploration successes of Geng North and Geliga have allowed to identify resources for more than 10 Tcf of gas and 650 million condensed barrels. In addition to the final investment decisions announced last March for North Hub and South Hub projects, these results generated a significant value for Eni and attracted a strong interest from the industry for the assets themselves. The completion of both operations is subject to the obtainment of the usual government and regulatory authorisations. Eni has been operating in Indonesia since 2001, where he has a diversified upstream portfolio that includes exploration, development and production activities and, more recently, agri-feedstock initiatives. Eni operates directly the PSC Peri-Mahakam and Makassar Strait and the Sapukala block, recently assigned. Since June 2026, Eni has, together with Petronas, a 50% stake in the newly-constituted Searah company, which combines portfolios, competences and complementary regional experience of the two companies with the aim of ensuring value creation in the long term and operational excellence in Indonesia and Malaysia. With a portfolio of 19 gas production and development assets – 14 in Indonesia and 5 in Malaysia- Searah currently produces about 350 thousand boe/day, with the aim of over 500 thousand boe/day of sustainable production by 2028.
– photo logo Eni –
(ITALPRESS).
