What is Eni selling in Indonesia?

Eni's release of 12 October 2026 says it signed two binding agreements, each for a 10% interest. Pertamina buys into the East Sepinggan, North Ganal and Rapak PSCs. Medco buys into the West Ganal, East Ganal, Ganal and Muara Bakau PSCs. Completion is subject to customary governmental and regulatory approvals.

Does Eni give up operatorship?

No. Eni's release describes the assets as operated by Searah, the 50/50 joint venture between Eni and Petronas. The sales change who holds equity in the contracts, not who runs the fields.

Why does Pertamina's stake matter?

Pertamina's 10% sits in the PSCs behind the North Hub gas project, which Eni's release describes as a National Strategic Project. Rigzone quotes Pertamina as expecting its participation to accelerate the Kutei North Hub Project. That is Pertamina's own expectation, and no deal value was disclosed.

Eni Sells 10% Stakes in Seven Indonesian PSCs

Eni signed binding deals to sell 10% stakes in seven Indonesian PSCs to Pertamina and Medco. Searah stays operator; no price was disclosed.

Eni has signed binding agreements to sell 10% interests in seven Indonesian production sharing contracts, three to Pertamina and four to Medco, while Searah remains operator. Eni's release gives no price, and completion needs regulatory approval. The deal deepens state-company Pertamina's role in the North Hub gas project.

The Gulf Barrel Desk October 13, 2026 Updated October 13, 2026 · 3 min read

Eni's release of 12 October 2026 says it signed two binding agreements, each selling a 10% interest in Searah-operated Indonesian assets: one to Pertamina, one to Medco.
Pertamina's 10% covers the East Sepinggan, North Ganal and Rapak PSCs; Medco's 10% covers the West Ganal, East Ganal, Ganal and Muara Bakau PSCs.
Searah, the 50/50 Eni-Petronas joint venture, keeps operatorship, so equity changes hands but control of the fields does not.
Eni's release discloses no price, and completion of both transactions is subject to customary governmental and regulatory approvals.
Reading the deal as sovereign strategy is the desk's assessment, not a stated motive. This is analysis, not trading advice.

Eni has signed two binding agreements to sell 10% interests in seven Indonesian production sharing contracts, to Pertamina and Medco, with Searah continuing to operate them. Eni's own release, issued 12 October 2026, discloses no price and makes completion subject to customary governmental and regulatory approvals. Rigzone reported the deal the same day.

What Pertamina gets

Pertamina buys 10% in the East Sepinggan, North Ganal and Rapak PSCs, according to Eni's release of 12 October 2026. Those contracts cover the producing Merakes and East Merakes gas fields and the Geng North-Gehem discoveries, being developed through the North Hub gas project, which Eni describes as a National Strategic Project. Rigzone separately reports Pertamina saying the move lifts its East Sepinggan stake to 25%; Eni's release does not state that figure.

What Medco gets

Medco also buys 10%, in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs, per Eni's release dated 12 October 2026. The package includes the producing Jangkrik field, the Maha, Gendalo and Gandang projects within the South Hub, and the Geliga gas discovery. Both buyers therefore take 10% each, so the headline figure applies to Pertamina and Medco alike.

Why operatorship stays put

All the assets are operated by Searah, so the sale changes who holds equity, not who runs the fields. Eni's 12 October 2026 release describes Searah as an independent 50/50 joint venture with Petronas, held by Eni since June 2026. It cites production of around 350 kboe/d and a target of more than 500 kboe/d by 2028; the target is a company goal, not produced volume.

How to read the NOC Watch signal

Rigzone quotes Pertamina as expecting its participation as national oil and gas company to directly support and accelerate the Kutei North Hub Project. Whether that happens is unproven. The desk's assessment, not a stated motive, is that a state company taking equity in a National Strategic Project fits a sovereign-strategy reading. Eni is not exiting: its September 2026 release announced the Sapukala exploration licence in the Kutei Basin, and its October release lists Sapukala among blocks it operates directly.

What to watch next

The open items are regulatory approval and the undisclosed price. Medco's package includes the Geliga discovery, where Eni's 7 May 2026 release reports a drill stem test of up to 60 MMscf/d, constrained by rig facilities, and about 5 Tcf of gas in place. Rigzone cites a sustained rate of about 200 MMcf/d; the two figures differ, and both are test or projected rates, not production. This is analysis, not trading advice.

What is Eni selling in Indonesia?: Eni's release of 12 October 2026 says it signed two binding agreements, each for a 10% interest. Pertamina buys into the East Sepinggan, North Ganal and Rapak PSCs. Medco buys into the West Ganal, East Ganal, Ganal and Muara Bakau PSCs. Completion is subject to customary governmental and regulatory approvals.
Does Eni give up operatorship?: No. Eni's release describes the assets as operated by Searah, the 50/50 joint venture between Eni and Petronas. The sales change who holds equity in the contracts, not who runs the fields.
Why does Pertamina's stake matter?: Pertamina's 10% sits in the PSCs behind the North Hub gas project, which Eni's release describes as a National Strategic Project. Rigzone quotes Pertamina as expecting its participation to accelerate the Kutei North Hub Project. That is Pertamina's own expectation, and no deal value was disclosed.