Cambodia, KrisEnergy sign deal to develop offshore oil field

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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by CEOCambodiaNews » Tue Nov 13, 2018 7:27 am

KrisEnergy Awards Contract for Flagship Cambodia Oil Project
13/11/18 07:02

Phnom Penh (FN), Nov. 12 – KrisEnergy Ltd., an independent upstream oil and gas company, announces that its wholly-owned subsidiary, SJ Production Barge Ltd, has contracted Keppel Shipyard Ltd (“Keppel Shipyard”) for the modification and upgrading of its production barge for the Apsara oil development in the Block A concession offshore Cambodia, according to KrisEnergy press release dated on 9 November 2018.

“The value of the contract is approximately US$21.7 million, where a portion of the payment will be on deferred payment terms. The contract has been awarded pursuant to the Cooperation Agreement entered into previously with Keppel FELS Limited and Keppel Shipyard, and constitutes an interested person transaction which will be conducted under the interested person transactions mandate adopted and approved by the Company’s shareholders at an extraordinary general meeting on 26 April 2018,” the press release added.
http://en.freshnewsasia.com/index.php/e ... 24-09.html
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by Felgerkarb » Tue Nov 13, 2018 7:42 am

I will gladly pay you Tuesday, from our mythical profits from Block A, for a barge refit today.

Note...single barge.

The development of those fields has been ongoing for decades without a single barrel produced to date (and countless millions burned up in the KoW during the process). Maybe now?
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by CEOCambodiaNews » Tue Dec 18, 2018 7:41 am

December 18, 2018
Production of oil to start in 2019, says official
Cheap Sour, the director-general of the General Department of Petroleum at the Ministry of Mines and Energy, said Cambodia will be ready to commercially produce oil in early 2020, while exportation may also be in the pipeline in the future.

“Once crude oil is pumped into the refinery, the next step will be the sale of oil on the local market while exportation is also an option but regarding exportations, talks are still underway,” he said.

Oil will be extracted from the Apsara oilfield, which is located in Block A of the Khmer Basin in the Gulf of Thailand and has been identified as the first productive oil field to be brought online in Cambodia.

“According to plans, the government’s inter-ministerial teamwork met with KrisEnergy, and we are told that by the end of 2019 the company will be able to produce the first oil drops in Cambodia. The commercial production will start by 2020,” Mr Sour said.

In October last year, KrisEnergy announced they made a final investment decision to proceed with the first phase of development of the Apsara oilfield.

Phase 1A of the project envisages an unmanned, 24-slot wellhead platform producing to a moored barge capable of processing up to 30,000 barrels of fluid per day.

Oil will be sent via a 1.5-kilometre pipeline for storage to a permanently moored storage and offloading vessel.

During phase 1B, up to three additional platforms will be built. Phase 1C will potentially add up to six additional platforms.

According to the Ministry of Mines and Energy, foreign direct investment in the extractive industry, including some projects expected to be approved before the end of the year, now equals $1.3 billion, which makes it one of the most valuable economic sectors in the Kingdom.
https://www.khmertimeskh.com/50560362/p ... -official/
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by CEOCambodiaNews » Fri Jan 18, 2019 5:26 am

Cambodia to start extracting oil in October
16 Jan 2019
PHNOM PENH: Cambodia is set to start extracting oil from an offshore oilfield being developed in the Gulf of Thailand in October, a government official said Wednesday.

Cheap Sour, director general of the Mines and Energy Ministry, said that following the first extraction, commercial production of the oil from an area known as Block A in the Khmer basin will begin next year.

Singapore-based oil and gas company KrisEnergy Ltd., which holds a 95% stake in the area, is expected to produce 7,000 barrels of crude oil per day.

Cambodia, which holds the remaining interest in the area, expects to earn $780 million during a nine-year period from next year, according to the official.

Bloc A is one of several oilfields found off Cambodia and is located about 160km from Sihanoukville, a major Cambodian port southwest of Phnom Penh.

Chevron Corp, a US oil company, obtained the Block A licence in 2002 and sold it to KrisEnergy in 2016.
https://www.bangkokpost.com/news/asean/ ... in-october
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by frank lee bent » Fri Jan 18, 2019 5:33 am

What refinery?
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by CEOCambodiaNews » Mon Apr 08, 2019 5:42 pm

The new law will create confidence and transparency for investors, says the Ministry, who will oversee all aspects of Cambodia's budding petroleum industry.

April 8, 2019
Ministers approve draft petroleum law

The Council of Ministers on Friday approved a draft of the Law on Petroleum and Petroleum Production Management which aims to manage Cambodia’s oil resources.

Composed of nine chapters and 72 articles, the law seeks to boost the sustainable and efficient development of the oil industry in Cambodia, according to a press release issued by the Council of Ministers.

Cheab Sour, director-general of petroleum at the Ministry of Mines and Energy, told Khmer Times on Friday that the law gives authority to the ministry to manage all activities in the petroleum industry, from study and research to business development.

“The law will create confidence in our oil industry. It will help investors understand the procedures they have to follow to get their projects approved,” he said.

“It will help increase transparency when it comes to investment in the sector and create a level playing field,” Mr Sour added.

KrisEnergy is expected to extract the first drop of crude oil late this year or early 2020, the Ministry of Mines and Energy said last week.
https://www.khmertimeskh.com/50594444/m ... oleum-law/
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by SternAAlbifrons » Mon Apr 08, 2019 7:20 pm

Wow Fuck!! This is a bit out of the blue. I have been relaxing since I first heard of that $70/barrel extraction cost some years ago.

Way back in 2010 the PM threatened Chevron with a two year production deadline or relinquish this block. It was apparent that Chevron had found moderately significant reservers, but was in no hurry to develop them.

This dragged on for a some years, then when it became apparent the price of oil would probably stay low for some time, Chevron and its minority partners finally sold out in 2016.
$72 mill, a big loss for Chevron but lucky lucky for KrisEnergy. All the exploration has been done, ready to go.

(Around that time the Cambodian petroleum agency was transferred out of the hands of the minister who had controlled it from the start. Not sure how this plays into the game. New minister, new leaseholder, fresh energy??)

Being a dedicated surfer dude on the coast here, I had hoped not to worry about this for a few more years.
I am concerned with the speed at which they are proceeding - it does't make for best practice. The Gulf is a very closed circuit and even small spills will have lasting effects.

OK, as always, we gotta try to look for some positives -
. Block A is farthest out to sea. A bit selfish here, but at least it is not right in front of the mangroves and beaches like some of the other blocks.
. Maybe, just maybe some dollars will find their way into the public coffers.
. Maybe, just maybe, a few Cambodians will get skills training and good jobs, instead of the usual story of importing all trade/tech workers
. Maybe, just maybe it will not go ahead after all. Or not yet.

Dams, sand extraction, massive tourist developments, overfishing, plastic straws, Bangkok's sewage... now oil.
Well at least, I guess, we have learnt one thing - about God.
He for sure ain't no surfer.
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