Eni has signed two binding agreements to sell interests in selected Indonesian upstream assets operated by Searah, the independent joint venture it formed 50-50 with Petronas in June 2026.
Under the first agreement, Eni will sell its 10 percent interest in the East Sepinggan, North Ganal and Rapak production sharing contracts to Pertamina, Indonesia’s national energy company. Those blocks hold the producing Merakes and East Merakes gas fields plus the Geng North and Gehem discoveries, which are being developed through the North Hub gas project that Jakarta has designated a National Strategic Project.
Under the second, Eni will sell its 10 percent interest in the West Ganal, East Ganal, Ganal and Muara Bakau contracts to Medco Energi. Those assets include 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. Medco chief executive Ronald Gunawan said the acquisition complements the company’s Indonesian portfolio and strengthens its presence in the LNG supply chain; it takes effect once conditions including Indonesian government approval are met.
Eni said the sales follow the recent start-up of Searah and reflect the value growth generated across the Kutei Basin through its exploration and development work. Recent exploration at Geng North and Geliga identified more than 10 trillion cubic feet of gas and 650 million barrels of condensate, and final investment decisions for the North and South Hub projects were taken last March. Eni did not disclose the prices. Completion of both transactions is subject to customary governmental and regulatory approvals.
The Searah vehicle holds 19 gas-producing and development assets, 14 in Indonesia and five in Malaysia, and currently produces around 350,000 barrels of oil equivalent per day, targeting more than 500,000 per day of sustainable production by 2028. Eni continues to operate the Peri-Mahakam and Makassar Strait contracts and the recently awarded Sapukala block directly. Medco, Indonesia’s second-largest listed oil and gas company by market value, reported a first-half 2026 net profit of $274.31 million on revenue of $1.41 billion, with production of 170,000 barrels of oil equivalent per day.