Logo of Phnom Penh Post newspaper Phnom Penh Post - UAE firm sets sight on oil in Kingdom

UAE firm sets sight on oil in Kingdom

Content image - Phnom Penh Post
KrisEnergy is moving towards its target of extracting oil in Cambodia by mid-2020. KRISENERGY LTD

UAE firm sets sight on oil in Kingdom

Mubadala Petroleum, one of the UAE’s largest oil and gas companies, is looking for investment opportunities in the Cambodian oil sector, said a senior official at the Ministry of Mines and Energy.

Mubadala Petroleum CEO Mazin al-Lamki expressed interest in investing in Cambodia’s oil sector during a meeting on Wednesday with the ministry’s secretary of state Meng Saktheara.

The ministry’s General Department of Petroleum director-general Cheap Sour told The Post on Thursday that with the company’s expertise and experience, the ministry welcomed its investment in offshore and onshore blocks.

“The company is interested in investment opportunities in Cambodia, including exploration and production, as well as setting up oil refineries.

“We informed it of the investment opportunities in Cambodia. We have four offshore blocks left and 18 unoccupied blocks onshore for kerosene exploration. We are setting up a working group to further discuss opportunities for future investment,” Sour said.

He said Cambodia had divided areas for kerosene exploration, with six blocks offshore and 19 onshore.

Singapore-based KrisEnergy is currently developing the Apsara oilfield’s Block A, which lies over the Khmer Basin, an unproduced geological area in Cambodian waters in the Gulf of Thailand.

Sour said regarding the offshore Block D oilfield, the ministry is scheduled to sign a petroleum agreement with Cambodian Resources Energy Development Co.

It is also negotiating an oil agreement with Canadian firm EnerCam Co for exploration in the onshore Block VIII.

“Block A is developing towards production, and we are planning to sign a petroleum agreement for exploration in Block D. Four offshore blocks are open for new investors like Mubadala,” he said.

Mazin said the company was interested in investing in the Cambodian oil sector given the Kingdom’s fuel and mineral resources potential.

“We will come over as soon as possible to carry out studies because investment in the oil and gas sector in Cambodia is urgently needed,” he was quoted as saying by Agence Kampuchea Presse.

Mubadala, the Abu Dhabi government-owned oil and gas company, was established in 2012. It currently operates in 10 countries in the Middle East, North Africa and Southeast Asia.

Prime Minister Hun Sen reiterated on Monday that Cambodia will extract the first drop of oil from the Apsara oilfield’s Block A by the middle of next year.

KrisEnergy on Monday started cutting the first steel for the minimum facilities wellhead “mini-platform” for the Apsara oilfield – Cambodia’s maiden oil development – as the company moved towards its target of extracting oil by mid-2020.

Apsara oil is scheduled to flow next year, with the field expected to reach a peak rate of 7,500 barrels of oil per day, KrisEnergy said.

MOST VIEWED

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Siem Reap’s Angkor Botanical Garden opens

    The Angkor Botanical Garden was officially opened on May 19 with free entry for both local and international visitors for the first six weeks. The garden was established on a nearly 15ha plot of land in Siem Reap. “After the first six weeks, Angkor Botanical Garden

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub

  • Hun Sen: Don’t react to hostility

    Prime Minister Hun Sen urged tolerance and thanked members of the Cambodian diaspora for not reacting to the hostility on display towards him by others while he was in the US to attend the May 12-13 ASEAN-US Special Summit in Washington, DC. In an audio