Conrad Asia Energy

What Conrad Asia Energy does

Conrad Asia Energy Limited is a Singapore-incorporated, ASX-listed (ticker CRD) upstream natural gas development company focused on shallow-water offshore Indonesia. The company was established in 2007 and operates through wholly-owned subsidiaries, with West Natuna Exploration Limited (WNEL) serving as the core operating vehicle holding a 76.5% operated participating interest in the Duyung Production Sharing Contract. The Duyung PSC covers 927 square kilometres in Indonesia's West Natuna Sea and contains the Mako Gas Field, the company's cornerstone asset, with 2P reserves of 330 Bcf (approximately 215 Bcf net to Conrad) and design production capacity of 172 mmscfd from six development wells tied back to a leased mobile offshore production unit.

Conrad's business model centers on developing, producing, and selling natural gas under long-term gas sales agreements to anchor offtakers: PLN EPI (PLN Energi Primer Indonesia) for up to 111 mcf/d of domestically allocated volumes during 2027-2037, and SembCorp for Singapore export volumes. The Mako field connects via a 59-kilometer pipeline to the KF platform in the adjoining Kakap PSC and onward to the pre-existing West Natuna Transportation System and Pemping gas pipeline, eliminating the need for greenfield midstream infrastructure. A hot tap to an operating pipeline carrying approximately 300 mmscfd at 1,096 psi was completed in June 2026. The project reached Final Investment Decision in March 2026 with total capital expenditure of approximately $320 million, and first gas production is targeted for Q4 2027.

Beyond the Mako development, Conrad holds a 100% operated interest in the Offshore Mangkalihat PSC and joint study areas in Offshore North West Aceh and Offshore South West Aceh, where prospective resources exceed 11 Tcf. The company's stated strategy is to identify undervalued, overlooked, or technically misunderstood gas assets and mature them through subsurface work, appraisal drilling, and low-cost field development approaches. As of the latest disclosures, WNEL holds 76.5% in the Duyung PSC with partners Empyrean Energy (8.5%) and Coro Energy (15%), and PT Nations Natuna Barat (Arsari Group) is expected to become the majority interest holder following a 2025 farm-out. Conrad is currently pre-revenue with execution risk concentrated on delivering the Mako project on schedule and within budgeted capex.

Name

Conrad Asia Energy

Legal name

Conrad Asia Energy Limited

Website

https://conradasia.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Conrad Asia Energy is an ASX-listed Singapore-incorporated natural gas developer focused on the Mako Gas Field in Indonesia's West Natuna Sea, holding a 76.5% operated interest in the Duyung PSC with 330 Bcf of 2P reserves and first gas targeted for Q4 2027 under long-term GSAs with PLN EPI and SembCorp.

Ownership category

akta.pro rank

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Natural Gas Production and Sales: Conrad generates revenue through the production and sale of natural gas from its Mako Gas Field in the West Natuna Sea, Indonesia. Gas is sold under long-term gas sales agreements (GSAs) to utilities including PLN EPI (domestic Indonesian market) and SembCorp (Singapore export). The company holds a 76.5% operated interest in the Duyung PSC containing the Mako field, with 2P reserves of 330 Bcf (approximately 215 Bcf net to Conrad). First gas production targeted for Q4 2027.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Conrad Asia Energy is a natural gas development and production company that operates Production Sharing Contracts (PSCs) in shallow waters offshore Indonesia. Its flagship asset, the Mako Gas Field in the Duyung PSC, contains 2P reserves of 330 Bcf and is being developed as a low-cost gas project targeting first production in Q4 2027. The company sells gas under long-term Gas Sales Agreements (GSAs) to utilities including PLN EPI for the Indonesian domestic market and SembCorp for export to Singapore.

Product overview

Conrad Asia Energy is a natural gas development and production company operating in offshore Indonesia through Production Sharing Contracts (PSCs). The company's portfolio consists of the core Mako Gas Field development within the Duyung PSC, the 100%-owned Offshore Mangkalihat PSC for exploration, and joint study areas in Aceh. The Mako Gas Field, the cornerstone asset, is being developed as a low-cost shallow water gas project targeting first production in Q4 2027, with sales gas transported via pipeline to the Indonesian domestic market.

Differentiator

Problem solved

Functional benefit

Products and services

• Mako Gas Field The cornerstone asset of Conrad's portfolio, located in the Duyung PSC in Indonesia's West Natuna Sea. It is one of the largest undeveloped gas discoveries in the region with 2P reserves of 330 billion cubic feet (413 Bcf 2C resources). The field produces high-quality gas (98% methane) with no impurities, requiring no LNG refrigeration or regasification. Gas will be sold under long-term GSAs to PLN EPI (Indonesian domestic market) and SembCorp (Singapore export).
• Duyung PSC Production Sharing Contract covering the Mako Gas Field, located in the Riau Islands Province, Indonesian waters in the West Natuna area. The PSC runs until January 16, 2037 and covers 927 square kilometres. Conrad holds a 76.5% operated interest via subsidiary West Natuna Exploration Limited (WNEL).
• Offshore Mangkalihat PSC Conrad holds 100% interest in this operated tenement in offshore Indonesia, providing exploration upside alongside the development-stage Mako Gas Field.
• Aceh PSCs (Offshore North West Aceh and Offshore South West Aceh) Joint study areas in offshore Aceh Province where Conrad has completed joint studies and will have the right to match in bidding processes when areas are gazetted as PSCs. Awarded as shallow and deep water areas with numerous gas discoveries, containing prospective resources in excess of 11 Tcf.

Quantifiable outcome

• 2P reserves of 330 Bcf (215 Bcf net to Conrad)
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and minor.

• PT PAL IndonesiacoreImplementation/ SI/ Consulting Partner · 1 June 2026Awarded engineering, procurement, construction and transport (EPCT) contract for conductor support frame (CSF) at Mako gas field. PT PAL is an Indonesian shipyard and engineering company providing offshore construction services.
• PDSI-ADES ConsortiumcoreImplementation/ SI/ Consulting Partner · 1 June 2026Binding contract executed with PDSI-ADES consortium for Admarine 502 jack-up drilling rig to drill development wells and install conductor support frame at Mako gas field.
• Timas SuplindocoreImplementation/ SI/ Consulting Partner · 1 May 2026Awarded EPCI contract for subsea umbilical, flowline, and riser (SURF) work at Mako gas project. Marks project's transition into execution phase following final investment decision in March 2026.
• PT Nations Natuna Barat (Arsari Group)coreStrategic or Co-development Partner · 1 January 2025PT Nations Natuna Barat under Arsari Group expected to become the majority participating interest holder following 2025 farm-out agreement, replacing partner stake in Duyung PSC.
• PLN EPI (PLN Energi Primer Indonesia)coreStrategic or Co-development Partner · 1 July 2024PLN EPI signed a gas sales agreement with Conrad subsidiary West Natuna Exploration for up to 111 mcf/d during 2027-37. PLN EPI completed hot tap connection to West Natuna Transportation System linking Mako gas field to Pemping gas pipeline project in Indonesia's Natuna Sea.
• Empyrean EnergyminorStrategic or Co-development PartnerHolds 8.5% participating interest in Duyung PSC and Mako Gas Field. Entitled to 8.5% of all cash payments to WNEL. Settled historical cash call arrears in February 2026 triggering $5m payment.
• Coro EnergyminorStrategic or Co-development PartnerHolds 15% participating interest in Duyung PSC and Mako Gas Field alongside Conrad subsidiary WNEL (76.5%) and Empyrean Energy (8.5%).
• SembCorpcoreStrategic or Co-development PartnerSingapore-based energy and urban solutions provider signed gas sales agreement for Mako gas export to Singapore market. Key near-term market opportunity with strong and reliable gas price dynamics.
• SKK MigascoreStrategic or Co-development PartnerIndonesia's upstream oil and gas regulator working with West Natuna Exploration on FID implementation phase for Mako Gas Field. Ceremony held in Jakarta March 2, 2026.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Karoon Energy: ASX-listed small-mid cap upstream oil and gas company with production and development assets in Brazil and Australia. Directly comparable to Conrad as a publicly listed, Asia-Pacific-focused E&P of similar scale; additionally linked through shared board director Peter Botten.
• Pantheon Resources: AIM-listed upstream oil and gas company with Alaska North Slope assets; comparable to Conrad as a small-cap, pre-production/execution-phase E&P. Connected through shared board director Jeremy Brest.
• Coro Energy: AIM-listed energy company holding 15% participating interest in the Duyung PSC alongside Conrad. Direct PSC partner and the closest asset-level peer given shared exposure to Mako economics.
• Cue Energy Resources: ASX-listed small-cap E&P with production and exploration assets in Indonesia (Mahakam Hilir PSC) and other Asia-Pacific regions. Comparable size, listing venue, and Indonesian upstream focus to Conrad.
• Empyrean Energy: AIM-listed E&P company holding 8.5% participating interest in the same Duyung PSC and Mako Gas Field as Conrad. Direct asset-level partner with comparable upstream gas exposure in offshore Indonesia.

Broad incumbents

• Ophir Energy: Asia-focused upstream E&P with producing assets in Indonesia and other Southeast Asian markets. Broader incumbent peer operating at larger scale than Conrad across multiple Asia-Pacific assets.
• Medco Energi Internasional: Major Indonesian integrated energy company with significant upstream gas production and exploration in Indonesia and Southeast Asia. Larger incumbent operating in the same Indonesian PSC regime.
• Star Energy Group: Indonesian gas producer with major acreage in the Java and Sumatra regions. Compares as an Indonesian upstream gas peer with overlapping customer base of state utilities and industrial users.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Conrad_Asia_
• LinkedInlinkedin.com/company/conrad-petroleum

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Conrad Asia Energy