Eni has agreed to sell Indonesian gas stakes to Pertamina and Medco through two binding deals covering 10% holdings in selected production sharing contracts (PSCs). Government and regulatory clearances are still required before either transaction can close.
The agreements were announced on 12 October 2026. Searah, owned equally by Eni and Petronas, operates the assets concerned.
Pertamina will acquire a 10% interest from Eni in each of the East Sepinggan, North Ganal and Rapak PSCs. The package spans Merakes and East Merakes, which already produce gas, and the Geng North–Gehem discoveries. The latter are being developed under the North Hub gas project, which has National Strategic Project status.
Medco‘s purchase covers 10% interests held by Eni in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs. The assets include the producing Jangkrik field, the Geliga discovery and the Maha, Gendalo and Gandang developments within the South Hub project.
The sales follow Searah‘s launch and the final investment decisions for both hubs announced in March 2026. Eni said exploration at Geng North and Geliga had identified gas volumes exceeding 10 trillion cubic feet and condensate volumes of 650 million barrels.
Searah‘s portfolio comprises 19 assets producing gas or under development, with 14 located in Indonesia and five in Malaysia. Production is approximately 350,000 boe/d, and the company targets a sustained level above 500,000 boe/d by 2028.
Eni also operates the Peri-Mahakam and Makassar Strait PSCs directly, along with Sapukala, a block it was recently awarded.
