Arsari Group-backed PT Nations Natuna Barat completed the acquisition of a 75% stake of Duyung Production Sharing Contract of Conrad Asia-backed WNEL for $16m.

Arsari Group-backed PT Nations Natuna Barat, a provider of energy solutions, completed the acquisition of a 75% stake of Duyung Production Sharing Contract of Conrad Asia-backed WNEL, a provider of oil and gas field services, for $16m. “We are delighted to be partnering with an Indonesian company of Nations stature on the Mako project. Nations affiliates have engaged in international upstream oil and gas activities for some two decades, and represent an excellent partner for this project. Having such a quality domestic partner whose interests are aligned with ours is a tremendous outcome for the development of the project, for Conrad and for the Indonesian gas industry. The quantum of funds secured by our team to bring Mako into production is transformational for a company our size. WNEL retains a 25% PI in the project as well as operatorship, reflecting our deep history and knowledge of the asset and our broader capabilities and ambitions and the confidence of our partner," Miltos Xynogalas, Conrad Managing Director and Chief Executive Officer.