KrisEnergy wants to position Cambodia as oil-producing nation

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BTHX48G6JKSingapore-listed oil and gas company KrisEnergy announced on October 2 that it has completed the acquisition of Chevron Overseas Petroleum (Cambodia) Limited (COPCL).

COPCL holds a 30 per cent working interest in and operatorship of the Block A petroleum agreement offshore Cambodia. Prior to the completion of the acquisition, KrisEnergy held an indirect 25 per cent working interest in Cambodia Block A, and now holds a combined 55 per cent working interest in the development block.

Richard Lorentz, the company’s executive director, said: “KrisEnergy has achieved many milestones in its five-year history, but gaining operatorship of Cambodia Block A marks a new step up in our activities. Development of what we believe are significant oil resources in place will be a flagship project for the company as well as for Cambodia,” he said, adding the company would work as fast as possible to “launch Cambodia as an oil producing nation”.

Cambodia National Petroleum Authority, or its successor, intends to exercise its right to acquire a 5 per cent working interest in the block, which when completed will reduce KrisEnergy’s combined holdings to 52.25 per cent. Joint-venture partners MOECO and GS Energy have approved KrisEnergy’s acquisition.

The contract area covers 4,709 square kilometers over the Khmer Basin in the Gulf of Thailand where water depths range from 50 to 80 meters.

 

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Reading Time: 1 minute

Singapore-listed oil and gas company KrisEnergy announced on October 2 that it has completed the acquisition of Chevron Overseas Petroleum (Cambodia) Limited (COPCL).

Reading Time: 1 minute

BTHX48G6JKSingapore-listed oil and gas company KrisEnergy announced on October 2 that it has completed the acquisition of Chevron Overseas Petroleum (Cambodia) Limited (COPCL).

COPCL holds a 30 per cent working interest in and operatorship of the Block A petroleum agreement offshore Cambodia. Prior to the completion of the acquisition, KrisEnergy held an indirect 25 per cent working interest in Cambodia Block A, and now holds a combined 55 per cent working interest in the development block.

Richard Lorentz, the company’s executive director, said: “KrisEnergy has achieved many milestones in its five-year history, but gaining operatorship of Cambodia Block A marks a new step up in our activities. Development of what we believe are significant oil resources in place will be a flagship project for the company as well as for Cambodia,” he said, adding the company would work as fast as possible to “launch Cambodia as an oil producing nation”.

Cambodia National Petroleum Authority, or its successor, intends to exercise its right to acquire a 5 per cent working interest in the block, which when completed will reduce KrisEnergy’s combined holdings to 52.25 per cent. Joint-venture partners MOECO and GS Energy have approved KrisEnergy’s acquisition.

The contract area covers 4,709 square kilometers over the Khmer Basin in the Gulf of Thailand where water depths range from 50 to 80 meters.

 

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