Conrad Energy and Pertamina, Indonesia's national oil and gas company, have firmed binding key terms for a gas sales agreement (GSA) related to Mako field's domestic output. The agreement establishes that over a fourth of sales gas volumes from Mako will be committed to the Indonesian market.

The Mako field is located in the Duyung Production Sharing Contract (PSC) in the West Natuna Sea, offshore Indonesia.

According to Conrad, these key terms are fundamental for a final investment decision (FID) on the project, which is expected by mid-2024. The GSA will be signed in May.

The remaining output from the field will be exported by Conrad, which owns 76.5% of the Duyung block, to Singapore. The field is calculated to hold 413 billion cubic feet (bcf) gross in the best-estimate scenario.