Eni has signed two binding agreements to sell 10% stakes in its Indonesian upstream portfolio — one to national energy company Pertamina, one to Medco — with both transactions targeting acreage in the Kutei Basin operated through the Eni-Petronas joint venture Searah.

The deals cover production sharing contracts holding the Jangkrik and Merakes gas fields, the recent Geliga discovery, and development projects that took final investment decision in March.

What does Pertamina get?

Under the first agreement, Pertamina acquires a 10% interest in the East Sepinggan, North Ganal and Rapak PSCs. The blocks contain:

• the operational Merakes and East Merakes gas fields;
• the Geng North-Gehem finds, currently under development through the North Hub gas project, which carries National Strategic Project status.

Pertamina is Indonesia's largest oil and gas producer and already holds a strategic position across East Kalimantan's upstream gas network and energy infrastructure.

What does Medco get?

The second agreement gives the South East Asian energy and natural resources group Medco a 10% holding in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs. This acreage includes:

• the producing Jangkrik gas field;
• the recently announced Geliga gas find;
• the Maha, Gendalo and Gandang projects being executed under the South Hub development scheme.

Both transactions remain subject to customary government and regulatory approvals.

How big is the prize?

The divestments follow the launch of Searah and an exploration campaign in the Kutei Basin that has delivered results at Geng North and Geliga. The two finds combined hold more than 10 tcf of gas alongside 650 million barrels of condensate, according to Eni.

Final investment decisions for the North Hub and South Hub schemes were announced last March, underpinning the development pipeline now drawing in Pertamina and Medco as minority partners.

Searah, in which Eni has held a 50% interest alongside Petronas since June 2026, oversees 19 gas-producing and development assets — 14 in Indonesia and five in Malaysia. The JV currently produces approximately 350,000 boepd and plans to surpass 500,000 boepd of sustainable production by 2028.

Eni's wider Indonesian position

Eni has maintained an upstream footprint in Indonesia since 2001, spanning exploration, development and production, and has recently expanded into agri-business. Outside the JV, the company directly operates the Makassar Strait PSC, the Peri-Mahakam PSC and the newly awarded Sapukala block.

The watch item: government and regulatory sign-off on both transactions, followed by first gas progress at the North Hub and South Hub developments sanctioned in March.