Conrad Asia Energy's Gas Project Near Indonesia Remains on Track for Production in Q4 2027

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Conrad Asia Energy's (ASX:CRD) Mako gas project in the West Natuna Sea near Indonesia remains on budget and on track to complete construction and start production in the fourth quarter of 2027, according to a Thursday filing with the Australian bourse.

A jack-up drilling rig that will be used as a mobile offshore production unit for Mako has been transported through the Strait of Hormuz and is now heading to Batam, Indonesia, for conversion. The rig is expected to reach the yard by the end of the third quarter, the company said.

Meanwhile, the company's West Natuna Exploration subsidiary has signed contracts or issued letters of award covering 90% of project capital contracts. The total project cost for Mako remains at $320 million, per the filing.

Conrad Asia Energy said data center-driven power demand in Batam is rising, and the company is assessing opportunities within its portfolio to boost gas supply to the area.

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