Singapore’s Conrad Asia Energy Provides Updates on Indonesian Production Sharing Contracts
Singapore-headquartered natural gas player Conrad Asia Energy has recently provided operational and resource updates for its two production sharing contracts (PSCs) in Indonesia. The company holds 100% interests in both the Offshore North West Aceh (ONWA) PSC (Meulaboh) and the Offshore South West Aceh (OSWA) PSC (Singkil).
The ONWA block, covering 9,182 square kilometers, includes the Meulaboh-1 and Meulaboh East-1 gas discovery wells. On the other hand, the OSWA block, spanning 10,700 square kilometers, contains the Singkel-1 gas accumulation.
Operational Updates
Conrad has awarded a 3D seismic survey contract for approximately 500 square kilometers at ONWA to an undisclosed domestic contractor. The survey is scheduled to commence in late September or early October 2025, with preliminary interpretations expected in Q1 2026.
The ONWA block includes three proven gas discoveries and six exploration leads, with historical success rates near 70%. The planned 3D seismic program aims to provide more clarity on the existing discoveries, enabling Conrad to pursue a plan of development and further drilling to enhance the resource base.
Resource Updates
Recent evaluations of the shallow-water areas in the ONWA and OSWA PSCs have led to the identification of six leads in ONWA and five leads in OSWA. The unrisked P50 prospective resources are estimated to be 546 billion cubic feet (Bcf), with 394 Bcf net attributable to Conrad.
Additionally, the company plans to drill up to two wells in the PSCs around existing shallow-water discoveries and prospects. Conrad is also in advanced discussions with a potential partner for a minority, non-operated farm-in into the ONWA PSC.
Commercialization Strategy
Conrad intends to collaborate with PGN to advance the small-scale LNG opportunity for the discovered resources at Aceh. The company is also evaluating options to deliver gas from existing discoveries for power generation to PLN, with electricity expected to be connected to the national grid through local substations in North Sumatra.
Conrad and PLN recently signed a gas sales agreement for the Mako gas field, providing for all gas produced to be supplied for domestic use.
Overall, Conrad Asia Energy’s updates highlight significant potential within its Indonesian PSCs, paving the way for future project development and resource growth.