Conrad Petroleum gets approval for Mako development plan, offshore Indonesia

Conrad Petroleum Limited (Conrad or the Company), the operator of Duyung PSC, announced that its development plan for the Mako gas field (the POD), originally submitted in August 2018 and re-submitted under the gross split regime in January 2019, has been approved by Indonesia’s Ministry of Energy and Mineral Resources (MEMR).

Conrad also announced the conversion of the Duyung Production Sharing Contract (Duyung PSC) from the cost recovery scheme to the gross split scheme. The amended PSC was agreed by Conrad and the Government of Indonesia on Jan. 25, 2019.

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