Logo of Phnom Penh Post newspaper Phnom Penh Post - KrisEnergy, Chevron deal given green light

KrisEnergy, Chevron deal given green light

KrisEnergy, Chevron deal given green light

Oil and gas company KrisEnergy has finalised its purchase of Chevron’s stake in Cambodia’s oil reserves in the Gulf of Thailand.

According to a statement filed to the Singaporean stock exchange, KrisEnergy yesterday officially completed the acquisition of Chevron’s 30 per cent share of the Block A site for a reported $65 million after receiving Cambodian government approval on September 17.

“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,” Richard Lorentz, executive director and director of business development at KrisEnergy, was quoted saying in the filing.

“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.”

KrisEnergy, which already held a 25 per cent interest in Block A along with joint-venture partners MOECO and GS Energy, now holds the lion’s share in the site, with a combined 55 per cent.

However, with the Cambodian government set to acquire a 5 per cent interest in the 4,700 square-kilometre block, KrisEnergy’s overall ownership will decline to 52.25 per cent overall.

KrisEnergy expects to produce some 10,000 barrels of oil per day once Block A becomes operational.

MOST VIEWED

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there