Italian energy company Eni has signed two binding agreements to sell its 10% stakes in selected Indonesian upstream assets to state-owned Pertamina and energy company Medco.
The transactions cover eight production sharing contracts (PSCs) operated by Searah, a 50/50 joint venture (JV) between Eni and Malaysia’s Petronas. Completion is subject to governmental and regulatory approvals.
Under the first agreement, Pertamina will acquire Eni’s stakes in the East Sepinggan, North Ganal, and Rapak Production Sharing Contracts (PSCs). These assets include the producing Merakes and East Merakes gas fields and the Geng North–Gehem discoveries, which are being developed under the North Hub project.
Under the second agreement, Medco will acquire Eni’s interests in the West Ganal, East Ganal, Ganal, and Muara Bakau PSCs. The portfolio includes the producing Jangkrik field, the Maha, Gendalo, and Gandang gas projects under the South Hub development, and the Geliga gas discovery.
Eni said the agreements reflect the value generated through exploration and development in Indonesia’s Kutei Basin. The Geng North and Geliga discoveries have identified more than 10 trillion cubic feet (Tcf) of gas and 650 million barrels (mmbbls) of condensate, according to the company. The final investment decisions for the North Hub and South Hub projects were announced in March.
Eni has operated in Indonesia since 2001 and directly operates the Peri-Mahakam and Makassar Strait PSCs, as well as the recently awarded Sapukala block.
Since June 2026, Eni and Petronas have each held a 50% stake in Searah, which combines their portfolios and technical capabilities across Indonesia and Malaysia. The joint venture has 19 gas-producing and development assets, including 14 in Indonesia and five in Malaysia, and produces around 350,000 barrels of oil equivalent per day (boe/d). It aims to exceed 500,000 boe/d in sustainable production by 2028.
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