Closing fossil fuels chapter to focus on renewables: New timeline for Asian firm’s gas field sale

Coro Duyung, a subsidiary of Southeast Asia’s Coro Energy, has confirmed a change in the end date of its fossil fuels chapter related to the divestment of its interest in a natural gas field in the West Natuna Sea off the coast of Indonesia, which will enable it to direct its attention to its renewable energy portfolio. 

Coro Energy has revealed an extension to the long stop date for the sale of its interest in the Duyung production sharing contract (PSC), holding the Mako field operated by Conrad Asia Energy’s wholly-owned subsidiary West Natuna Exploration Limited (WNEL) with 76.5% interest, with Empyrean Energy holding the remaining 8.5% stake.

As a result, the new long stop date has been mutually agreed to be the end of September 2025. Conrad’s WNEL is the buyer of the firm’s interest in this asset. Earlier this year, the Indonesian Ministry of Energy and Mineral Resources (MEMR) revealed the gas from the Mako field would be made available for the domestic market.

“The transaction represents the final stage of the company’s strategic pivot to clean energy and enables the company to now focus its resources on its exciting renewables portfolios in Vietnam and the Philippines,” emphasized Coro Energy.

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