Logo of Phnom Penh Post newspaper Phnom Penh Post - Premier sells stake



Premier sells stake

Premier sells stake

Premier Petroleum Cambodia has sold a 33.3 percent share in their Block 4

concession area in Cambodian waters to Japan's Idemitsu Kosan, Premier's country

coordinator Jeremy Martin told the Post this week.

Martin explained that

his company, a subsidiary of Britain's Premier Consolidated Oilfields, has a

policy of introducing partners at the drilling stage because of the high cost

and high risk involved.

He estimated total drilling costs at $6 million.

Martin refused to discuss further the PSC (production sharing contract),

saying it was confidential.

Martin, a former country coordinator for

Enterprise Oil which has concessions on two adjoining blocks, said, "We'll start

drilling as soon as the drilling ship is available, late April if possible."

Premier will be using the Nedrill Workship One.

Premier has had the Block

4 concession for almost two years, and has completed seismic surveys of the

area.

The surveys involve towing a boom behind a ship and firing off

electrical charges to obtain vibrations which determine the different geological

strata, explained Martin.

The first exploration well, Kaoh Tang-1, has a

projected total depth of 3,609 metres.

It will be one of the first wells

to be drilled in the Khmer Trough in over 20 years, said the managing director

of Premier Oil Pacific David Melzer in a statement released to the

Post.

Block 4 is located west of Kaoh Tang Island, 200 km southwest of

Sihanoukville.

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • PM asks India for vaccine help

    Prime Minister Hun Sen is seeking assistance from India for the provision of Covid-19 vaccines as the country has produced its own vaccine which is scheduled to be rolled out to more than 300 million Indians this year. The request was made during his meeting with

  • Capital set to beef up security

    Phnom Penh municipal governor Khuong Sreng held the first meeting of the year with heads of armed forces in the capital to review and repair the deficiencies related to gun control, drug crimes, social order disruptions due to alcohol consumption and traffic law enforcement. Municipal