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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Singapore’s Kris collapses as Cambodia oil falls short
Published date: 07 June 2021

Singapore-based Kris Energy has gone into liquidation after production at Cambodia's first offshore oil field failed to meet expectations, leaving it unable to cover its debt.

Kris operates the Apsara field in Cambodia with a 95pc stake. The project in the Gulf of Thailand started in December, with peak production targeted at 7,500 b/d by mid-February.

But production peaked at around 3,500 b/d in March and averaged less than 2,500 b/d since coming on line. The field's reservoirs appear less productive than results from the appraisal wells had suggested, and both production and oil-in-place estimates are likely to be lower than expected, Kris said in late March.

Kris had been depending on cash flow from the project to support a restructuring exercise that it began after being unable to meet its financial obligations. The company has no other viable restructuring options or sources of cash and so has submitted a winding up petition, it said on 4 June.

Kris also owns stakes in producing assets offshore Thailand and the Bangora gas field in Bangladesh, as well as upstream blocks in Thailand and Indonesia. It completed the farm-out of its interest in Vietnam's offshore Block 115 to an unnamed international oil and gas company in April and sold its stake in Indonesia's Andaman II production-sharing contract to BP in 2019.

The future of the Apsara project is unclear. The first cargo of up to 300,000 bl was due to be exported in May, according to the Cambodian energy ministry's director general of petroleum, Cheap Sour. It is unclear if the shipment took place.
https://www.argusmedia.com/en/news/2222 ... alls-short
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by canucklhead »

This project always seemed "pie in the sky" to me. Not surprised its over. Im sure there were some big pockets lined with facilitation fees over the years.
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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Cambodia unclear on oil plans after partner heads towards liquidation
Reuters
2 minute read

Cambodia's government said on Thursday it had no immediate plan for maintaining oil production in the country, after its partner KrisEnergy announced it was headed to liquidation, just five months after extracting the country's first drop of oil.

Singapore-listed KrisEnergy (KRIS.SI) said on June 4 that it was "unable to pay its debts based on actual and/or contingent liabilities and will proceed to liquidation".

KrisEnergy signed a pact with Cambodia's government in 2017 to develop 3,083 sq km (1,190 sq miles) of the Khmer basin in the Gulf of Thailand known as Block A, after it bought out Chevron's (CVX.N) operating interest in 2014 for $65 million.

"I can't predict ... I can't answer this question, lets wait and see," Ministry of Mines and Energy spokesman said when asked about future oil production.

Tanya Pang, KrisEnergy Vice President, declined to comment when contacted by email, referring Reuters to past statements.

However, Cambodian government officials still celebrated the first drop of oil at a preservation ceremony in Phnom Penh on Wednesday, five days after KrisEnergy made its announcement.

Our Standards: The Thomson Reuters Trust Principles.https://www.reuters.com/business/energy ... 021-06-10/
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