KUALA LUMPUR: Malaysia’s national oil and gas company Petroliam Nasional Bhd (PETRONAS) and Italian oil company Eni have announced the formation of Searah, a 50:50 joint venture (JV) that combines selected assets in Malaysia and Indonesia.
In a statement, PETRONAS said the JV is a part of a partnership-led approach to strengthen portfolio value, support sustainable energy development and strengthen Malaysia and regional energy security.
“Designed to operate as an independent entity, Searah provides a more focused platform to enhance operational performance and accelerate value creation, in line with PETRONAS’ ongoing efforts to optimise its portfolio and pursue new avenues for growth.
“By combining selected assets across Malaysia and Indonesia, PETRONAS and Eni have formed synergies in portfolios, technical expertise, and regional insights.
“This approach enables greater scale, sharper execution and stronger value delivery,” said the statement.
PETRONAS president and group chief executive officer, Tan Sri Tengku Muhammad Taufik Tengku Aziz, said Searah aligns with the company’s focus on exercising greater discipline in developing resources, coupled with more agile capital deployment, as well as a stronger emphasis on sustained value creation across the gas value chain.
“Searah is envisaged to bring the operational depth, financial resilience and growth capacity of both partners in addressing the region’s growing energy needs reliably and responsibly, even as it contributes towards the long-term security of supply in Indonesia and Malaysia,” he said. — Bernama
