LogIn LogOut

Cambodia Unclear on Oil Plans as KrisEnergy Heads Towards Liquidation

June 10, 2021

Apsara field in Cambodia (File Photo - KrisEnergy)
Apsara field in Cambodia (File Photo - KrisEnergy)

Cambodia's government said on Thursday it had no immediate plan for maintaining oil production in the country, after its partner KrisEnergy announced it was headed to liquidation, just five months after extracting the country's first drop of oil.

Singapore-listed KrisEnergy said on June 4 that it was "unable to pay its debts based on actual and/or contingent liabilities and will proceed to liquidation."

KrisEnergy signed a pact with Cambodia's government in 2017 to develop 3,083 sq km (1,190 sq miles) of the Khmer basin in the Gulf of Thailand known as Block A [Apsara field], after it bought out Chevron's operating interest in 2014 for $65 million.

"I can't predict ... I can't answer this question, let's wait and see," the Ministry of Mines and Energy spokesman said when asked about future oil production.

Tanya Pang, KrisEnergy Vice President, declined to comment when contacted by email, referring Reuters to past statements.

However, Cambodian government officials still celebrated the first drop of oil at a preservation ceremony in Phnom Penh on Wednesday, five days after KrisEnergy made its announcement. 

(Reporting by Prak Chan Thul; Editing by Martin Petty)




Current News

PHOTO: Offshore Wind Blade for MingYang's 11MW Turbine Rolls of Production Line

PHOTO: Offshore Wind Blade for MingYang's 11MW Turbine Rolls of Production Line

Petrofac Brings Online East Cendor Offshore Field in Malaysia

Petrofac Brings Online East Cendor Offshore Field in Malaysia

Pharos Wraps Seismic Survey Off Vietnam. Eyes Drilling Partner

Pharos Wraps Seismic Survey Off Vietnam. Eyes Drilling Partner

Kent Acquires Majority of SNC-Lavalin's Oil and Gas Business

Kent Acquires Majority of SNC-Lavalin's Oil and Gas Business

Singapore LNG Wants to Extract Chemicals from LNG

Singapore LNG Wants to Extract Chemicals from LNG

Siem Offshore's Anchor Handler Secures Charter Extension in Australia

Siem Offshore's Anchor Handler Secures Charter Extension in Australia

Shell, Petronas Carigali, Petros Get Hold of Offshore Block in Sarawak, Malaysia

Shell, Petronas Carigali, Petros Get Hold of Offshore Block in Sarawak, Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com