Eni signed binding agreements on 12 October 2026 to sell 10% interests in seven Indonesian production sharing contracts to state energy group Pertamina and Medco, monetising part of its deepwater gas discoveries in the Kutei Basin.
Why Pertamina and Medco is buying Eni's 10% interests in seven Kutei Basin PSCs (Searah-operated)
Eni said the sales reflect the value it has created in the Kutei Basin, where the Geng North and Geliga finds have identified more than 10 trillion cubic feet of gas and 650m barrels of condensate, and the strong industry interest that followed the March investment decisions on the North Hub and South Hub projects.
Deal terms and financing
Pertamina takes the stakes covering the producing Merakes and East Merakes fields and the Geng North–Gehem discoveries, being developed through the North Hub, a national strategic project. Medco takes those covering the producing Jangkrik field, the Maha, Gendalo and Gandang South Hub projects and the Geliga discovery. Financial terms were not disclosed.
Regulatory approvals and timing
Completion of both transactions is subject to customary governmental and regulatory approvals.
Market context
Searah, formed by Eni and Petronas in June 2026, has 19 producing and development assets in Indonesia and Malaysia, produces about 350,000 barrels of oil equivalent a day and targets more than 500,000 by 2028.
