Offshore staff
SUBIACO, Australia – Conrad Asia Energy subsidiary West Natuna Exploration has signed non-binding key terms with Singapore-based Sembcorp Gas for the first long-term gas sales agreement for the Mako field offshore Indonesia.
Mako is in the Duyung PSC in the West Natuna, close to the West Natuna Transportation System. According to partner Empyrean Energy, the field is one of the region’s largest undeveloped gas resources.
Key terms relate to approved gas production from start-up in 2025 until the current expiry of the PSC in 2037 for a total sales gas volume of around 293 bcf, with potential to increase to 392 bcf.
The parties will seek to finalize a definitive gas sales agreement in the next few months.
Conrad and Empyrean discovered Mako in 2016, later delineating the resource through appraisal drilling. The partners obtained formal approval from the Government of Indonesia for a revised Plan of Development in late 2022.
According to Gaffney Cline & Associates, the field contains 2C Contingent Resources of 413 bcf.
Indonesia aims to double its gas production by 2030, with Mako expected to be a major contributor. Coro Energy Duyung (Singapore) is the other partner in the PSC.
09.12.2023
