Coro Energy PLC has reached binding Key Terms for the sale and purchase of the domestic portion of Mako gas with PT Perusahaan Gas Negara Tbk (PGN), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. The agreement pertains to the Duyung Production Sharing Contract (PSC) in the West Natuna Sea, offshore Indonesia, where Coro holds a 15% working interest.
Under the agreed Key Terms, the operator of the Duyung PSC, Conrad, and PGN will sign a fully termed Gas Sales Agreement (GSA) for the domestic portion of the gas produced from the Mako field. This GSA is contingent on the construction of a pipeline connecting the West Natuna Transportation System with the domestic gas market in Batam and is part of the Domestic Market Obligation outlined in Mako's revised Plan of Development.
The domestic GSA complements the GSA with Sembcorp Gas Pte Ltd, announced by the company in September 2023, which will cover the majority of Mako sales gas volumes. This development aligns with Coro Energy's focus on its natural gas and clean energy portfolio in South East Asia.
For further information, interested parties can contact Coro Energy PLC or its appointed advisors.