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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.

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