ASIATODAY.ID, LONDON — Searah Ltd, the upstream joint venture between Malaysia’s PETRONAS and Italy’s Eni, has secured a US$6 billion Revolving Credit Facility (RCF), marking one of the largest syndicated energy financing deals in Southeast Asia this year and reinforcing global investor confidence in the region’s long-term oil and gas industry.
The facility marks Searah’s debut in the international syndicated loan market and provides the company with greater financial flexibility to accelerate upstream development in Indonesia and Malaysia, where energy demand continues to grow alongside industrial expansion and economic development.
The financing attracted strong interest from international lenders, with commitments exceeding the amount offered. The oversubscribed transaction brought together 20 leading financial institutions, including Banco BPM, Banco Santander, Bank of China, Barclays, BBVA, BofA Securities, BPER, Citi, DBS, HSBC, Intesa Sanpaolo, J.P. Morgan, Mediobanca, Mizuho, MUFG, Natixis CIB, SMBC, UniCredit, UOB, and Wells Fargo.
J.P. Morgan also acted as Debt Advisor, assisting Searah in structuring and executing the transaction.
According to the company, the new financing will support the expansion of producing assets and the development of upstream projects across Indonesia and Malaysia. It will also help advance medium-term production targets while providing funding capacity for future investment opportunities.
The transaction highlights continued confidence among international banks in Southeast Asia’s energy industry despite global market uncertainty and the accelerating transition toward cleaner energy. While governments across the region are investing heavily in renewable power, oil and natural gas remain essential to maintaining reliable energy supplies and supporting economic growth.
Searah is equally owned by PETRONAS and Eni, each holding a 50 percent stake. The company manages a portfolio of 19 upstream oil and gas assets, comprising 14 assets in Indonesia and five in Malaysia.
Established to combine the upstream portfolios of the two energy companies, Searah aims to enhance operational efficiency, optimize asset value, and strengthen long-term production across Southeast Asia.
The successful financing not only strengthens Searah’s balance sheet but also reflects sustained international appetite for strategic energy investments in Southeast Asia.
As Indonesia and Malaysia continue to play a central role in regional energy supply, access to large-scale global financing is expected to remain critical in supporting future upstream development and energy security. (AT Network)
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