You are here

KrisEnergy completes Cambodia acquisition from Chevron

02nd October 2014

KrisEnergy has finalised the take-over of Chevron Overseas Petroleum (Cambodia) Limited (COPCL), having now received acknowledgement from the government of Cambodia for the change of control

KrisEnergy completes Cambodia acquisition from Cheevron
Extensive exploration work in the Cambodia Block A licence area since the mid-2000s resulted in the Apsara oil discoveries

COPCL, which holds a 30 per cent working interest in and operatorship of the Block A petroleum agreement offshore Cambodia (Cambodia Block A), will be held under the company’s wholly-owned subsidiary, KrisEnergy (Asia) Ltd., and will be renamed to KrisEnergy (Apsara) Ltd.

“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,” said Richard Lorentz, KrisEnergy executive director and director of business development. “Development of what we believe are significant oil resources in place will be a flagship project for the company as well as for Cambodia. We thank the government for its rapid acknowledgement of the change in control, and we will now work with our partners to submit a revised plan of development to make the Apsara oil field a reality as quickly and efficiently as possible and launch Cambodia as an oil producing nation.”

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.

Cambodia National Petroleum Authority, or its successor, intends to exercise its right to acquire a five 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.

Extensive exploration work in the Cambodia Block A licence area since the mid-2000s resulted in the Apsara oil discoveries. The contract area covers 4,709 square kilometres over the Khmer Basin in the Gulf of Thailand where water depths range from 50 metres to 80 metres.

Related topics: 

Got a news tip? Email news@oilandgastechnology.net

Related Upstream News Articles