LogIn LogOut

KrisEnergy close to Cambodia Block A deal

August 15, 2017

KrisEnergy expects to sign a petroleum agreement with the government of Cambodia next week for Cambodia Block A.

Map of Block A, from KrisEnergy.

The Southeast Asia focused company expects the deal to be signed on 23 August.

“This is a major step forward in the development of the Apsara oil field and establishing Cambodia as an oil-producing nation,” says Jeffrey S. MacDonald, KrisEnergy interim CEO.

Cambodia Block A lies in the Khmer Basin in Cambodian waters in the Gulf of Thailand, where KrisEnergy says extensive exploration work in the license area since the mid-2000s resulted in the Apsara oil discovery.

The contract area covers 4709sq km over the Khmer Basin in the Gulf of Thailand where water depths range from 50-80m.

KrisEnergy is targeting a single platform with peak production at about 8000 b/d for Aspara’s first phase of development. The area has a potential for an additional nine platforms.

Technical and fiscal terms for the Apsara oil development in Cambodia Block A have been agreed and steps are underway to formalize the paperwork, aiming for first oil approximately 24 months after final investment decision is declared, says KrisEnergy.

KrisEnergy holds a 95% operated working interest in Cambodia Block A, with the Cambodian Ministry of Mines & Energy holding the remaining 5%.

“It has been reassuring to witness the increase in oil prices in the first half of 2017, however prevailing uncertainty and price volatility continue to pose challenges to investment decisions. We remain focused on our revised business plan and continued alignment on the Gulf of Thailand as our core area, and through the successful execution of our proposed asset farm-out and divestment transactions, we believe we will be on firmer ground to achieve our development goals going forward,” MacDonald said in the company’s Q2 2017 report.



Current News

Cooper's Sole Offshore Gas Field to Go Online by February End

Cooper's Sole Offshore Gas Field to Go Online by February End

Where Next for Exploration in Asia Pacific?

Where Next for Exploration in Asia Pacific?

Pertamina, Petronas Swapping Crude Oil

Pertamina, Petronas Swapping Crude Oil

China Cuts Gasoline, Diesel Retail Prices

China Cuts Gasoline, Diesel Retail Prices

Petronas Carigali Charters Alam AHTS

Petronas Carigali Charters Alam AHTS

Petrofac Lands Huge Offshore Deal with ADNOC

Petrofac Lands Huge Offshore Deal with ADNOC

Petronas' 2nd FLNG Sets Sail for Malaysian Offshore Field

Petronas' 2nd FLNG Sets Sail for Malaysian Offshore Field

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