KrisEnergy, Cambodian government seal terms for country's first oil field development

KrisEnergy, the operator of the Cambodia Block A since 2014, plans to develop the Apsara area in the north-eastern section of the concession.
KrisEnergy, the operator of the Cambodia Block A since 2014, plans to develop the Apsara area in the north-eastern section of the concession. PHOTO: KRISENERGY LTD

SINGAPORE - The Government of Cambodia and oil and gas exploration firm KrisEnergy have signed fiscal and technical agreements for the nation's first oil field development in Cambodia Block A in the Gulf of Thailand.

KrisEnergy, the operator of the Cambodia Block A since 2014, plans to develop the Apsara area in the north-eastern section of the concession, where there is potential for oil and/or gas to be trapped.

Under the terms of the agreements, KrisEnergy has 60 days to declare a final investment decision.

Once the decision is made, the Apsara project is expected to take up to 24 months to produce first oil.

At this point, a 5 per cent interest in Cambodia Block A would be transferred to the Cambodia Government. KrisEnergy will hold the remaining 95 per cent.

The Cambodia Block A contract area covers 3,083 sq km over the Khmer Basin in the Gulf of Thailand where water depths range between 50 and 80m.


KrisEnergy operates or participates in six oil and gas contract areas in the Gulf of Thailand and offshore Cambodia. Cambodia Block A contains the Apsara oil development. PHOTO: KRISENERGY

KrisEnergy called for a trading halt at 10.32am before the announcement was made. The shares were last traded up 4.3 per cent at 12.1 Singapore cents.