Eni S.p.A. E and PETRONAS have officially established Searah, a 50/50 joint venture (JV) combining their upstream assets in Indonesia and Malaysia, creating Southeast Asia’s leading independent integrated energy company. Searah starts with production exceeding 300,000 barrels of oil equivalent per day (Boe/d) from 19 producing and development assets (14 in Indonesia and five in Malaysia) and targets more than 500,000 Boe/d within the next three years, strengthening Eni’s regional growth platform.
Searah enhances Eni’s ability to unlock value from a large resource base while sharing capital requirements and operational risks with PETRONAS. The new JV has secured a $6 billion revolving credit facility and plans to invest more than $20 billion over the next five years to develop more than three billion barrels of oil equivalent (BBoe) of discovered resources and explore new opportunities. The JV drives operational synergies through shared logistics, technology and expertise, leading to greater efficiency and stronger financial returns.
Searah benefits from Eni’s recent major gas developments and discoveries, including the Gendalo, Gandang, Geng North and Gehem projects, as well as the Geliga-1 gas discovery in the Kutei Basin. Providing a strong foundation for future growth, these assets are expected to boost long-term production and reserves, helping Searah achieve its short-term output target of 500,000 Boe/d. The JV strengthens Eni’s position in the fast-growing Southeast Asian gas market while supporting earnings growth and enhancing investor appeal.
Eni currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector with a presence in upstream operations are Vista Energy, S.A.B. de C.V. VIST, Chevron Corporation CVX and YPF Sociedad Anónima YPF.
The West Texas Intermediate (“WTI”) crude oil price is trading around the $90-per-barrel mark, according to oilprice.com. This positive pricing environment is benefiting VIST, CVX, YPF and E. VIST and CVX currently carry a Zacks Rank #2 (Buy) each, while YPF sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Operating primarily in Argentina, Vista holds approximately 257,000 net acres of prime shale assets in the Vaca Muerta basin. In the first quarter of 2026, VIST recorded total production of 134,741 Boe/d, representing a 67% increase year-over-year. Vista increased its full-year production target from 140,000 Boe/d to 143,000 Boe/d.
A major integrated energy giant, Chevron, maintains a strong presence within the Permian Basin. Supported by excellent upstream performance and ongoing development across its resource base, CVX recorded an international net oil-equivalent output of 1.8 million barrels per day for the first quarter of 2026, up from the prior-year period.
Integrated energy company YPF is using its strong foothold in the Vaca Muerta formation to accelerate production growth. A projected increase in operational activity by YPF in the coming quarters is anticipated to yield higher oil and gas production by the second half of 2026.
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Chevron Corporation (CVX): Free Stock Analysis Report
Eni SpA (E): Free Stock Analysis Report
YPF Sociedad Anonima (YPF): Free Stock Analysis Report
Vista Energy, S.A.B. de C.V. - Sponsored ADR (VIST): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).