Cambodia, KrisEnergy sign deal to develop offshore oil field

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

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KrisEnergy starts 3D Seismic Survey over Cambodia Block A
25 June2019
KrisEnergy Ltd. (“KrisEnergy” or “the Company”), an independent upstream oil and gas company,announces the commencement of a 1,200 sq. km 3D Seismic Survey in the offshore Cambodia Block A concession, where the Company is developing the Apsara oil field.

Shearwater Geoservices Singapore Pte Ltd was awarded the turnkey broadband seismic contract through the wholly-owned subsidiary, KrisEnergy (Apsara) Company Limited, and has deployed the vessel SW Vespucci.

Around 200 sq. km of the 3D program will be acquired over the Apsara development area to improve imaging of geological faults and sand bodies to aid in the finalisation of the design of well trajectories ahead of development drilling for first oil.

Approximately1,000 sq. km will be acquired over a large prospective area in the southwest portion of the concession area, which has been sparsely explored by old 2D seismic lines,to improve data quality over the prospective trend in the western section of Cambodia Block A.
https://www.krisenergy.com/default/asse ... ne2019.pdf
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by SternAAlbifrons »

"....seismic airguns are the second highest contributor of human-caused underwater noise, following only nuclear and other explosions.
At least 37 marine species have been shown to be affected by seismic airgun noise. These impacts range from behavioral changes such as decreased foraging, avoidance of the noise, and changes in vocalizations through displacement from important habitat, stress, decreased egg viability and growth, and decreased catch rates, to hearing impairment, massive injuries, and even death by drowning or strandings.
Seismic airgun noise must be considered a serious marine environmental pollutant."
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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29 July 2019
“KrisEnergy Ltd, an independent upstream oil and gas company, is pleased to announce that, further to the Company’s announcement of 25 June 2019, the 1,200 sqm 3D seismic survey in the Cambodia Block A concession has been completed on time and without any health, safety or environmental incidents,” the announcement said.
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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October 14, 2019
PTT keen to export Cambodian crude in future
PTT Public Company Limited, a Thai state-owned and SET-listed oil and gas company, last week expressed interest in exporting crude oil from Cambodia.

Cheap Sour, director-general of the general department of petroleum, on Friday said that the firm was keen to export the Kingdom’s crude oil during preliminary talks with the Mines and Energy Ministry.

“We welcome their interest, but they haven’t laid out any concrete plan on the move yet because this is just the first discussion and there will be more talks,” he noted.

When asked whether the Thai firm will work with KrisEnergy to export crude oil from Cambodia, Mr Sour said the matter will be discussed once KrisEnergy begins to extract its first drop of crude oil from the Apsara oil field.

“There is a long way to go, but KrisEnergy and PTT will discuss what type of cooperation can be arranged,” he said. “It could be through a bidding process or something else.”

The Singapore-based KrisEnergy, which explores for oil and gas in Southeast Asia, is now developing Block A in the Khmer Basin’s Apsara oilfield and its first drop of crude oil is expected to be extracted late this year or early 2020.

Last week, Mines and Energy Minister Suy Sem and a representative of the PTT Group held a meeting in Phnom Penh and discussed some key areas in the Kingdom’s energy industry and oil development.

Crude oil purchasing was among key issues that were discussed.

KrisEnergy recently reported that the firm has been granted “breathing space and room” to pursue debt restructuring with key stakeholders. The firm said last month that it will receive three months of court protection from legal action to allow it to restructure its $476.8-million debt.

“The Company is currently in moratorium in order to reorganise its capital structure and improve its financial condition, a spokesperson told Khmer Times last month.

The official noted that the board and management of KrisEnergy, together with its advisors, are focused on progressing the restructuring as far as possible before the next court hearing in mid-November.

“KrisEnergy is still committed to Cambodia Block A and the Apsara oil development, which is considered to be a jewel in the company’s portfolio, he emphasised.

Mr Cheap Sour confirmed to Khmer Times last week that he has been told that the company’s efforts to extract its first drop of crude oil from the field will go on as planned.

“The company recently updated its plan to us and if everything goes as planned, the first drop of crude oil will be extracted late this year or in early 2020,” he noted.

However, the crude oil will not be refined in Cambodia and will have to be sold because the Kingdom lacks processing facilities.

Last year, Cambodia imported 2.5 million tonnes of petroleum products, a 10 percent year-on-year increase. The Kingdom imports petroleum products from Singapore, Thailand, and Vietnam, with 15 local and international companies buying oil from abroad, according to the Mines and Energy Ministry.
https://www.khmertimeskh.com/50650625/p ... in-future/
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by SternAAlbifrons »

So, KrisEnergy say they are still going ahead.
I have my doubts.
This company owes $500 mill.
It's share price has crashed to 3c.
It is a half step away from liquidation.

But if they do - i fear the production activities will not be employing best environment practices.
With the current price of oil, their margins are going to be too skinny to spend an extra 50c on any such first-world luxuries.

I'm rooting for Angkor Resources to find some land based deposits.
I have actually developed a touch of respect and affection for this tough, resilient little exploration company after pouring over ten years of its company reports, press releases, financial statements etc over the past couple of weeks.
And, oil production on land is far safer that at sea.
Unfortunately, Angkor's prospects - both in finding oil, and even surviving as a business, is far from a sure bet.
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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Cambodia’s Oil Scheduled to Flow in 2020: PM HE
18/11/19 20:40
Phnom Penh (FN), Nov. 18 – Cambodian Prime Minister HE confirmed Monday that Cambodia will have the first drop of oil in 2020 but could not confirm the date, speaking in the graduation ceremony on Monday.

“I could not announce the actual date of oil schedule, as I did not want to be mistaken like in 2012,” the premier stated.

Cambodia’s Apsara oil is scheduled to flow in the first half of 2020 and the field is expected to reach a peak rate of 7,500 barrels of oil per day, according to the 15 November press release of KrisEnergy, an independent upstream oil and gas company.

The premier stated that revenues generated from the natural resources will be used to rehabilitate soft and hard infrastructures.

“The goal of the Royal Government is to take the revenue gained through oil to build hard infrastructure like roads, canals, electricity coverage, and soft infrastructure like human resources, health, and education.”

On 23 August 2018, the Royal Government of Cambodia and KrisEnergy jointly signed agreement for offshore oil development in Block A on the area of 3,083 square km, which lies over the Khmer Basin, an unproduced geological basin in the Cambodian maritime waters of the Gulf of Thailand.

Under the agreement, the Royal Government owns five percent of the shares, while KrisEnergy holds 95 percent.

“The Apsara oil field will be the first oil well in Cambodia. Cambodian Government will benefit from tax and five percent share of the revenue,” said Kelvin Tang, CEO of KrisEnergy.

KrisEnergy expects to produce 30 million barrels of crude oil in the first phase in the period of nine years, which expect to generate revenue of approximately USD 900 million given that the price is USD 80 per barrel, according to Cheap Sour, the director-general of the General Department of Petroleum at the Ministry of Mines and Energy.

KrisEnergy Ltd. is an independent upstream company focused on the exploration for and the development and production of oil and gas in Southeast Asia.

Cambodia has 25 oil blocks, six off-shores, Minister of Mines and Energy Suy Sem said.
=FRESH NEWS
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by Phnom Poon »

i think we know exactly which hard and soft resources this would facilitate
if it happens at all
which i doubt

.

monstra mihi bona!
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by Felgerkarb »

KrisEnergy owes more money than the low grade oil is worth. Nope.
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by Duncan »

Quote ]

When asked whether the Thai firm will work with KrisEnergy to export crude oil from Cambodia, Mr Sour said the matter will be discussed once KrisEnergy begins to extract its first drop of crude oil from the Apsara oil field.


There's nothing like having a plan for the future is there. ?

Does anyone know what grade of crude this well will produce ?
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by canucklhead »

Have they actually found any oil?
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