Conrad Operates ONWA Meulaboh and OSWA Singkil until 2053

oil and gas exploration
Summary

Conrad Asia Energy officially becomes the manager of Offshore North West Aceh (ONWA) Meulaboh Block and Offshore South West Aceh (OSWA) Singkil Block for 30 years through 2053. Conrad Asia Energy CEO Miltos Xynogalas and Minister of Energy and Mineral Resources Arifin Tasrif signed the production-sharing contract for the two oil and gas working areas in Aceh on Thursday.

Director General of Oil and Gas Tutuka Ariadji said that the total investment commitment from the signing of production sharing contracts for ONWA Meulaboh Block and OSWA Singkil Block reached US$30 million and US$100,000 in signature bonus. "Both cost recovery production sharing contacts are exploration contracts with a period of 30 years and a production sharing split of 60:40 for oil and 55:45 for gas," Tutuka said.

According to Miltos Xynogalas, Conrad will not produce oil and gas from the ONWA Meulaboh and OSWA Singkil Blocks in the near future. "Maybe more than 3-4 years from now. So, not in the near future because there is still an exploration process, and it takes time to come on stream," Xynogalas said.

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