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West Natuna Exploration Limited (WNEL), a majority-owned subsidiary of Singapore-headquartered natural gas player Conrad Asia Energy, has booked a jack-up rig for a multi-well drilling campaign at its natural gas field in the West Natuna Sea off the coast of Indonesia, Southeast Asia.
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Conrad Asia Energy’s subsidiary, as the operator of the Duyung PSC in the Natuna Sea, has executed a binding contract with PT Pertamina Drilling Services Indonesia (Pertamina Drilling) through the PDSI – ADES consortium for the provision of a jack-up drilling rig to support the development of the Mako gas field.
As a result, the Admarine 502 independent-leg cantilever jack-up rig will be in charge of the scope of work that entails the drilling of six development wells and installation of the conductor support frame (CSF). The firm contract period is for 180 days and contains options to extend the deal. The rig is expected to begin this assignment in Q2 2027.
Miltos Xynogalas , Conrad’s Managing Director and Chief Executive Officer, commented: “This agreement represents a critical milestone for the Duyung PSC JV as we advance toward drilling at Mako. Securing a high specification jack-up rig on favourable terms positions the company to execute its upcoming development programme efficiently.”
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The Mako project is structured as initially comprising six development wells tied back to a leased mobile offshore production unit (MOPU), with the sales gas to be transported via an approximately 59-kilometer 18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through the WNTS pipeline for delivery to the Indonesian domestic market.
The total capex to first gas is estimated at $320 million in line with prior guidance. In addition, a provision of approximately $35 million had been provided for owner-supplied equipment to be novated to the MOPU provider and for potential MOPU down payments. The future operating costs are targeted as $70-80 million per annum, including pipeline transportation costs.
Gaz Bisht , Empyrean’s CEO and Technical Director, commented: “A binding rig contract is not a plan – it is a commitment, and it signals to the market that the Mako Gas Field is moving to drill. We have a world-class discovered gas resource, a contracted jack-up rig, a clear development programme of six wells, and a pathway to market through established Indonesian domestic gas infrastructure.
“The remaining work is execution. With over US$320 million of development capital underpinned by a contracted drilling schedule and a Q2 2027 commencement date, I am confident that Mako will deliver the value this asset has always promised. Today is a good day for Empyrean.”
10 days ago
about 1 month ago
West Natuna Exploration Limited (WNEL), a majority-owned subsidiary of Singapore-headquartered natural gas player Conrad Asia Energy, has booked a jack-up rig for a multi-well drilling campaign at its natural gas field in the West Natuna Sea off the coast of Indonesia, Southeast Asia.
