Syrah, a new 50/50 independent joint venture between Eni and Petronas bringing together key companies across Indonesia and Malaysia, has been established as a new independent integrated energy company in Southeast Asia, with a portfolio of 19 gas production and development assets.
In the same direction decided Just seven months after the investment agreement between Eni and Petronas was signed on 3 November 2025, and 16 months after the Memorandum of Understanding announced in February 2025. The joint venture brings together complementary portfolios, capabilities and regional expertise to deliver long-term value and operational excellence across Indonesia and Malaysia.
Claudio DescalziEni’s CEO commented: “Vehicle reflects our satellite-based strategy aimed at building a focused, high-quality business that can combine scale, efficiency and growth, driven by our excellence in exploration and project delivery, and our continued focus on technology and innovation.
“Sayara is a powerful new entity in Southeast Asia – the first and largest of its kind in the region – that combines our expertise with that of Petronas to support the development of energy resources in Indonesia and Malaysia, with a strong commitment to environmental protection and local growth.”
All required regulatory, government and partner approvals have now been obtained in both Malaysia and Indonesia, and all previous conditions have been met. The company’s gas production and development portfolio consists of 14 assets in Indonesia and five in Malaysia. The company will start with an initial production base of more than 300,000 barrels of oil equivalent per day, and aims to exceed 500,000 barrels of oil equivalent per day of sustainable production within the next three years.
Tengku Muhammad TawfiqThe President and CEO of Petronas Group confirmed: “The creation of Searah is in line with Petronas’ intense focus on exercising greater discipline in resource development coupled with more flexible capital deployment as well as a stronger focus on sustainable value creation across the gas value chain.
“By leveraging the complementary portfolios and capabilities of both Petronas and Eni, the Syrah project is expected to bring operational depth, financial flexibility and growth potential to both partners in meeting the region’s growing energy needs reliably and responsibly, even as it contributes to long-term supply security in Indonesia and Malaysia.”
A $6 billion revolving credit facility has been secured, reflecting the strong confidence of financial markets to fund Sarah’s growth plans, which include a range of expected investments of more than $20 billion over the next five years to support the development of more than 3 billion barrels of oil from discovered resources and unleash billions in additional exploration potential.
All Eni Indonesia and Petronas Indonesia staff members have moved to Syrah, along with the establishment of Syrah Malaysia, a dedicated entity established to manage Malaysian assets. The launch of the joint project comes shortly after Final Investment Decisions (FIDs) to Jindaloo and Nice – good Fields (southern axis), and Jing North and Jahm Fields (northern axis).
These projects are said to contain approximately 10 trillion cubic feet of gas in place initially (GIIP) and approximately 550 million barrels of associated condensate, and are expected to begin production in 2028 and reach a plateau of 2 billion cubic feet per day of gas and 90,000 barrels per day of condensate by 2029.
Where are you too? Recently announced Giant Jelega-1 Gas discovery in the Ghanal area of the Kuti Basin, which is estimated to contain about 5 trillion cubic feet of gas and 300 million barrels of condensate. The well demonstrated excellent reservoir quality, capable of producing approximately 200 million cubic feet per day of gas and 10,000 barrels per day of condensate.
The establishment of SARA is seen to support the deployment of capital and resources required to achieve a short-term production target of 500,000 barrels of oil equivalent per day, while leveraging additional development opportunities resulting from the success of the Gilega exploration well.
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