Indonesia M&A – Medco and Pertamina to acquire Eni's retained Kutei Basin interests

(Originally posted on October 12, 2026)

Two Indonesian companies have agreed transactions with Eni covering minority interests in seven production sharing contracts (PSCs) in the Kutei Basin, offshore East Kalimantan.

MedcoEnergi has agreed to acquire a 10% participating interest in the Muara Bakau, Ganal, West Ganal and East Ganal PSCs, while Pertamina Hulu Energi (PHE) has signed an agreement to acquire 10% interests in the North Ganal, Rapak and East Sepinggan PSCs.

The consideration for the two transactions has not been disclosed, and the deals remain subject to conditions, including Indonesian government approval.

These deals have been anticipated for some time. When Eni established Searah, its 50:50 joint venture with PETRONAS, in June 2026, it retained direct 10% interests in the seven PSCs for separate monetisation. The two transactions announced today account for those retained interests.