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KrisEnergy acquires Chevron unit to raise stake in Cambodia block

Published on Aug 11, 2014 11:46 AM

SINGAPORE - Oil and gas company KrisEnergy has agreed to acquire Chevron Overseas Petroleum (Cambodia), a unit of Chevron Global Energy, for about US$65 million.

The acquisition will give Singapore-listed KrisEnergy a bigger stake in an offshore oil block in Cambodia, the group said on Monday.

Chevron Cambodia holds a 30 per cent participating interest in Cambodia Block A, which it also operates. KrisEnergy previously held a 25 per cent indirect participating interest in the block.

Post-acquisition, KrisEnergy will hold a 52.25 per cent interest in the block, after accounting for Cambodia National Petroleum Authority's pending acquisition of a 5 per cent stake in the block.

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