Eni has finalised two binding deals to offload minority stakes in upstream Indonesian acreage to Pertamina and Medco.
Both transactions involve licences managed by Searah, an independent 50/50 joint venture (JV) formed by Eni and Petronas.
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Under the first agreement, Indonesia’s national energy company, Pertamina, will acquire a 10% stake in the East Sepinggan, North Ganal and Rapak production sharing contracts (PSCs).
These blocks encompass the operational Merakes and East Merakes gas fields, together with the Geng North-Gehem finds.
Those discoveries are currently under development through the North Hub gas project, which holds National Strategic Project status.
Pertamina is said to be the country’s largest oil and gas producer and maintains a strategic presence across East Kalimantan’s upstream gas network and energy infrastructure.
Through the second agreement, South East Asian energy and natural resources group Medco will secure a 10% holding in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs.
This acreage includes the producing Jangkrik gas field, the recently announced Geliga gas find, and the Maha, Gendalo and Gandang projects being executed under the South Hub development scheme.
Both transactions remain subject to customary approvals from government and regulatory authorities.
The divestments follow the launch of Searah and activity across the Kutei Basin, where exploration at Geng North and Geliga has found more than ten trillion cubic feet of gas, alongside 650 million barrels of condensate.
Final investment decisions for the North Hub and South Hub schemes were announced last March.
Eni has maintained an upstream footprint in Indonesia since 2001 across exploration, development and production activities, while recently expanding its focus into agri-business.
Outside the JV, the company directly operates the Makassar Strait PSC, the Peri-Mahakam PSC and the newly awarded Sapukala block.
Searah, in which Eni has held a 50% interest alongside Petronas since June 2026, oversees 19 gas-producing and development assets, comprising 14 in Indonesia and five in Malaysia.
Formed to unite both organisations’ regional portfolios and expertise, the JV currently produces approximately 350,000 barrels of oil equivalent per day (boepd), with plans to surpass 500boepd of sustainable production by 2028.
