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Eni, Petronas Launch Indonesian-Malaysian Gas Production JV

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Italian energy company Eni (ENI.MI) and Malaysian state-owned oil and gas company Petronas launched a 50/50 joint venture, Searah, after securing all regulatory, governmental, and partner approvals.

Searah will have a portfolio of 19 gas-producing and development projects, including 14 in Indonesia and five in Malaysia, according to a Monday release. It will initially produce over 300,000 barrels of oil equivalent per day, with a target of more than 500,000 boe per day in the next three years.

The joint venture has obtained a $6 billion revolving credit facility to support its expansion plans, which include a pipeline of projects with an expected investment of more than $20 billion over the next five years.

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