Conrad Asia Energy Ltd (ASX:CRD) founder, managing director and CEO Miltos Xynogalas joins Proactive’s Tylah Tully to discuss how the company has secured a gas sales agreement (GSA) with Sembcorp Gas Pty Ltd, a subsidiary of Sembcorp Industries Ltd, to sell the export portion of natural gas from the Mako gas field in Indonesia’s West Natuna Sea.
This agreement marks a key step in the commercialisation of the Mako field, which is the largest undeveloped gas field in the region. Conrad holds a 76.5% participating interest in the field.
This GSA, combined with a previous domestic sales agreement with PGN (Indonesia’s largest gas company), commits all of Mako’s contingent gas resources to buyers. The agreements represent major milestones towards a final investment decision, expected by Q4 2024, with production set to begin in 2026.
The GSA with Sembcorp has a contract term until January 2037, covering sales of up to 76 billion British thermal units per day (Bbtud), equivalent to 76.9 million standard cubic feet per day (mmscfd). The agreement also allows for additional sales of up to 35 Bbtud if required. The Mako gas field is part of Conrad’s broader portfolio of gas projects across Asia.