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

  • Ministry requests school opening

    The Ministry of Education, Youth and Sport on Thursday said it would request a decision from Prime Minister Hun Sen to allow a small number of schools to reopen next month. Ministry spokesman Ros Soveacha said if the request is granted, higher-standard schools will reopen

  • Kingdom eyes India FTA, China deal set for August

    Cambodia is studying the possibility of establishing a bilateral free trade agreement (FTA) with India to open a new market with the second-largest regional economy. This comes as an FTA with China is scheduled to be signed next month while similar negotiations with South Korea

  • Judge lands in court after crashing into alleged thief

    Sen Sok district police on Thursday sent a Koh Kong Provincial Court judge to the Phnom Penh Municipal Court on manslaughter charges after he crashed his car into a woman riding a motorbike on Wednesday, killing her. District police chief Hour Meng Vang told The

  • Gov’t to boost Siem Reap tourism

    The Ministry of Tourism released the results of an inter-ministerial committee meeting concerning Siem Reap province’s Tourism Development Master Plan for 2020-2035 on Wednesday, revealing the government’s plan to improve the overall tourist landscape there. The meeting was attended by Minister of Tourism

  • Residents ordered to remove structures on Phnom Penh’s canal

    Phnom Penh municipal governor Khuong Sreng has ordered authorities to act against the perpetrators who built houses along the Luo 5 canal in Meanchey district. The municipal administration plans to create a committee to solve the matter. The order was given on Wednesday while Sreng led

  • ‘On the offensive’: Cambodia to load up on loans to stimulate economy

    As the dust settles on the economy, Cambodia comes to grips with what needs to be done to turn the economy around, starting with a big shopping list for credit ‘We are going on the offensive,” Vongsey Vissoth, Ministry of Economy and Finance permanent secretary

  • Government set to make up for cancelled April holiday

    The government is set to make up for a five-day Khmer New Year holiday late this month or early next month. The holiday was earlier cancelled due to the onset of Covid-19. The announcement is expected on Friday as the government is studying a range

  • Families told to register for cash handouts

    The government has called on poor families to apply to commune authorities for evaluation to receive financial support during the Covid-19 crisis. A $300 million budget has been planned for implementation within a year. Ministry of Economy and Finance secretary of state Vongsey Visoth said this

  • Crumbling prices, rent ruffle condo segment

    The prolonged decline in international arrivals to Cambodia intensified by renewed Covid-19 fears has driven down condominium sales prices and rental rates in Phnom Penh, a research report said. CBRE Cambodia, the local affiliate of US commercial real estate services and investment firm CBRE Group

  • Over $3M in traffic fines collected in two months

    Traffic police officers collected over $3 million in fines throughout the Kingdom during the past two months when officers strictly enforced the law in accordance with a May sub-decree, officials said. As incentives, law enforcement officers received between 200,000 and two million riel ($50 to $500) each. The figures