Eni-Petronas JV seen reaching $2.7 billion net income in 2030, Italian daily reports

Eni SpA

27/05/2026 12:14

    MILAN, May 27 (Reuters) - A planned joint venture between Eni ENI.MI and Malaysia's state energy company Petronas, named SEARAH, is expected to have a net income of $2.7 billion and revenue of $6.7 billion in 2030, according to preliminary estimates included in documents cited by Italian daily Il Messaggero on Wednesday.
The company, whose binding agreement was signed last November, will have total assets worth $27.3 billion, the daily said.
A pool of international banks is structuring a revolving credit facility initially worth $6 billion to support SEARAH's investments in the 2026-2030 period, according to Il Messaggero.
The upstream venture will focus on developing and producing natural gas in Malaysia and Indonesia.
SEARAH is projected to reach output of around 500,000 barrels of oil equivalent per day in the medium term, the companies said when they announced the agreement.
The deal between Eni and Petronas is expected to become operational by the end of June.
Eni declined to comment. Petronas was not immediately available to comment outside its business hours.

 (Reporting by Francesca Landini; Editing Chiara Rodriquez)
 ((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net/))