Company Owned by Prabowo's Brother Starts Paying for the Acquisition of Oil and Gas Blocks in Natuna

JAKARTA - Arsari Group's subsidiary, PT Nations Natuna Barat, is known to have begun paying the acquisition cost for the participating interest (PI) of the Duyung Block. For your information, this oil and gas block is located off the coast of Natuna.

Conrad Asia Energy Ltd. through its written statement announced that Prabowo's sister's company had paid the first installment of 5 million US dollars.

"This is the first installment of the agreed cash reward of 16 million US dollars from NNB PI Transfer," Chief Executive Conrad Miltos Xynogalas said in a written statement, Tuesday, February 23.

Later, the next installment payment is known as 4.0 million US dollars which will be carried out in 30-45 days. The third payment is planned to be 7.0 million US dollars and will be paid at the time of production, which is targeted for the end of 2027.

"This milestone in our transaction with Nations brings the development of the Mako field to fruition, and represents an important step in advancing the project towards a Final Investment Decision (FID)," continued Miltos.

After the payment is made, PT Nations Natuna Barat will hold 75 percent of the participation rights. Later, the first production of the Duyung Block is expected to begin at the end of 2027 or almost a decade after the discovery of the field.