BAKU, Azerbaijan, October 12. Italian energy
company Eni has signed two binding agreements to sell 10% interests
in selected Indonesian upstream assets to state-owned Pertamina and
regional energy company Medco, the company said.


Under the first agreement, Eni will sell its 10% stakes in the
East Sepinggan, North Ganal and Rapak production-sharing contracts
(PSCs) to Pertamina, Indonesia's national energy company and
largest oil and gas producer.


The assets include the producing Merakes and East Merakes gas
fields, as well as the Geng North–Gehem gas discoveries, which are
being developed under the North Hub gas project designated as a
National Strategic Project.


Under the second agreement, Eni will transfer 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 developed under the South
Hub project, and the recently announced Geliga gas discovery.


The transactions follow the launch of Searah, a 50/50 joint
venture established by Eni and Malaysia's Petronas in June 2026.
The companies aim to create value from their complementary upstream
portfolios and technical capabilities in Indonesia and
Malaysia.







Recent exploration successes in Indonesia's Kutei Basin,
including the Geng North and Geliga discoveries, have identified
more than 10 trillion cubic feet of gas and 650 million barrels of
condensate, according to Eni. The company said the discoveries,
together with final investment decisions for the North Hub and
South Hub projects announced in March, had generated significant
value and attracted strong industry interest in the assets.


Completion of both transactions is subject to customary
government and regulatory approvals.


Eni has operated in Indonesia since 2001, with activities
spanning exploration, development and production. The company
directly operates the Peri-Mahakam and Makassar Strait
production-sharing contracts, as well as the recently awarded
Sapukala block.


Searah's portfolio comprises 19 producing and development gas
assets, including 14 in Indonesia and five in Malaysia. The joint
venture currently produces approximately 350,000 barrels of oil
equivalent per day and aims to increase sustainable production to
more than 500,000 barrels of oil equivalent per day by 2028.