Mako Field Development Plan Approved
Ministry of Energy and Minerals in Indonesia has approved the Plan of Development for the Mako gas field located at the Duyung PSC in Indonesia.
West Natuna Exploration Limited (WNEL) owns a 100% stake in the Duyung PSC. WNEL is owned by Conrad Petroleum (90%), who is the operator of the field, and Empyrean Energy (10%).
Tom Kelly, CEO of Empyrean, said: “The POD approval by the Ministry of Energy and Mineral Resources in Indonesia is another important milestone in progressing the Mako gas field towards production. Tenure has now been secured on the Duyung PSC out to 2037 which reduces risk and adds intrinsic value to the project. Importantly, the POD approval is also crucial to advancing negotiations of the heads of agreement into a gas sales agreement with the buyer in Singapore for the off-take of Mako gas. It also paves the way for appraisal later in the year that can increase resources at Mako and hopefully test the deeper Tambak prospect.”
The Duyung PSC covers approximately 890 km in West Natuna Basin off the shore of Indonesia in water depths ranging from 60m to 100m.
The POD for the field was submitted in August 2018 to Indonesia’s oil and gas regulator SKKMigas.