Conrad Asia Energy, through its majority-owned subsidiary West Natuna Exploration as the operator, is progressing with the development of the offshore Mako gas project in Indonesia, aiming to achieve first gas in the fourth quarter of 2027.

Project partner Empyrean Energy stated that development activities under the Duyung production sharing contract are advancing as planned, following the final investment decision announced in March 2026.

Empyrean reported that by the end of the first quarter, the operator had issued capital contract award letters valued at over $280 million, accounting for more than 80% of the project's total cost.

Contracts for drilling, subsea systems, conductor support frames, and long-lead equipment have all been awarded, milestone payments have been completed, and costs remain in line with expected guidance.

The initial phase of the project will include six development wells tied back to a mobile offshore production unit designed with a daily processing capacity of 172 million standard cubic feet.

Gas will be transported via a 59-kilometer pipeline to the Kakap production sharing contract block, and subsequently delivered to the Indonesian domestic market through the West Natuna transportation system.

Empyrean indicated that, on a 100% interest basis, the total capital expenditure until first gas is estimated at $320 million, with full project funding already secured.

Empyrean's Interim Chief Executive Gaz Bisht commented, "Empyrean is pleased to see the rapid progress in development activities at the Mako gas field. Procurement efforts have commenced on a large scale in the third quarter, with all funding provided by the previously announced loan facility. Importantly, first production from Mako remains on track for the latter part of next year, marking a significant milestone for all parties involved."