Eni Agrees Indonesian Gas Asset Sales to Pertamina and Medco
October 12, 2026
Eni has signed two binding agreements to sell 10% interests in seven production sharing contracts (PSCs) in Indonesia to Pertamina and Medco, covering assets operated by its joint venture with Petronas.
Under the first agreement, Eni will sell its 10% interests in the East Sepinggan, North Ganal and Rapak PSCs to Pertamina, Indonesia's national energy company.
The assets include the producing Merakes and East Merakes gas fields, as well as the Geng North and Gehem gas discoveries, which are being developed through the North Hub gas project.
Under the second agreement, Eni will sell its 10% interests in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs to Medco.
These assets include the producing Jangkrik field, the Maha, Gendalo and Gandang gas projects being executed as part of the South Hub project, and the recently announced Geliga gas discovery.
The assets are operated by Searah, an independent joint venture established by Eni and Petronas, with each company holding a 50% interest.
The agreements follow the recent start-up of Searah and the final investment decisions announced in March for the North Hub and South Hub projects.
Recent exploration successes at Geng North and Geliga have identified more than 10 trillion cubic feet of gas and 650 million barrels of condensate, according to Eni.
Established in June 2026, Searah holds 19 gas-producing and development assets, comprising 14 in Indonesia and five in Malaysia.
The joint venture currently produces approximately 350,000 barrels of oil equivalent per day and aims to exceed 500,000 boe/d of sustainable production by 2028.
Eni continues to directly operate the Peri-Mahakam and Makassar Strait PSCs and the recently awarded Sapukala block in Indonesia.
Completion of both transactions is subject to customary governmental and regulatory approvals.
