Eni, Petronas Launch Searah JV

Eni>>> and Petronas>>> have officially established Sarah, a new 50/50 independent joint venture combining 19 gas production and development assets across Indonesia>>> and Malaysia>>>. This venture, formed seven months after the investment agreement and 16 months after the MoU, aims to achieve over 500,000 boe/d of sustainable production within three years from an initial base of 300,000 boe/d. Sarah has secured a $6 billion revolving credit facility and plans over $20 billion in investments over the next five years to develop more than 3 billion boe of discovered resources and unlock additional exploration potential. The initiative aligns with Eni>>>'s satellite strategy and Petronas>>>' focus on disciplined resource development, with both companies committed to environmental protection and local growth in Indonesia>>> and Malaysia>>>. All necessary regulatory approvals have been obtained, and staff from both companies' Indonesian operations have transitioned to Sarah.