Singapore-based Conrad Asia Energy has taken a pivotal step in advancing its gas field development in Indonesia by securing a jackup drilling rig. The contract, awarded to Pertamina Drilling, involves the deployment of the ADES-owned Admarine 502 rig to the Mako Gas Field, part of the Duyung PSC in the Natuna Sea.
Development Details
The agreement, facilitated through Conrad's subsidiary West Natuna Exploration Limited, includes drilling six development wells and installing a conductor support frame. The operation is set to begin in the second quarter of 2027, with a firm period of 180 days and options for extension. The day rate remains undisclosed but is aligned with competitive market conditions.
"Securing a high specification jackup rig on favourable terms positions the company to execute its upcoming development programme efficiently," said Miltos Xynogalas, Conrad's managing director and CEO.
Strategic Partnerships
This development follows the formation of Searah, a joint venture between Eni and Petronas, which consolidates their upstream operations in Southeast Asia. Searah aims to enhance production capabilities across Indonesia and Malaysia, with a target of exceeding 500,000 boepd within three years.
Market Impact
The collaboration between Conrad and Pertamina Drilling underscores the strategic importance of the Natuna Sea region in meeting Southeast Asia's growing energy demands. With the backing of major players like Eni and Petronas, the region is poised for significant production increases.
| Company | Role | Asset |
|---|---|---|
| Conrad Asia Energy | Operator | Mako Gas Field |
| Pertamina Drilling | Rig Provider | Admarine 502 |
| ADES | Rig Owner | Admarine 502 |
Outlook
The successful deployment of the Admarine 502 rig is expected to bolster Conrad's production capabilities significantly. As the project progresses, stakeholders will closely monitor the operational efficiency and output levels, with further updates anticipated from the company in the coming months.
