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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Cambodia’s oil dreams offer development, independence but risk corruption

January 19, 2021
After years of delay, Cambodia began extracting oil for the first time in December 2020, signaling a new era for the country’s economy.
By Natasha Teja

On December 18 2020 Cambodian Prime Minister HE announced the country had extracted its first drop of oil from an offshore oil field known as Block A. The long-awaited milestone signals a significant shift for the country, which had aspired to extract oil since the deposits were first discovered 15 years ago.

As HE announced in a Facebook post, “The year 2021 is coming…and we have received a huge gift for our nation—the first oil production in our territory”.

In 2017, the Cambodian government entered into a joint venture with Singapore’s KrisEnergy to develop oil wells in the Aspara oil fields—an area known as block A, off the coast of Preah Sihanouk province. KrisEnergy currently holds a 95% stake in the block.

“It has been three years since we signed with the government the petroleum agreement to launch this project and there has been a steep learning curve for all involved,” said KrisEnergy CEO and Cambodian operations president Kelvin Tang in a press release.

“Our task now is to complete drilling of the four remaining wells, stabilize production and monitor performance so that we may assess the best path forward to optimize Cambodia’s oil production,” Tang added.

Cambodia’s dream of drawing oil has faced delays and uncertainty for years. In the 1990s, the government split Cambodia’s territorial waters into six offshore oil blocks for gas and oil exploration but oil was found in only one of them.

The first oil deposits were discovered in Block A by US oil giant Chevron in 2005 but operations stalled as the company failed to reach a revenue-sharing agreement with the Cambodian government.
Full article: https://www.aseantoday.com/2021/01/camb ... orruption/
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by SternAAlbifrons »

The spin ^^
some of the spinoffs >>
post470913.html#p470913
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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Russian investment sought for oil sector
Thong Sotha​​ On January 29, 2021 - 11:07 am​

Cambodia has invited Russian investors to consider taking part in Cambodia’s oil sector. The invitation was made following Cambodia’s recent start of oil production in its maritime territory.

In a meeting with Russian Ambassador to Cambodia Antoly Boravik, on Jan 27, Minister of Mines and Energy Suy Sem said that while there is significant Russian investment in Cambodia, there has yet to be any made in the Kingdom’s oil sector.

Sem expressed his appreciation for the level of cooperation between the governments of Cambodia and Russian in his remarks wishing to see this to expand into the oil sector.
https://en.khmerpostasia.com/2021/01/29 ... il-sector/
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Re: 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 Tootsfriend »

CEOCambodiaNews wrote: Mon Feb 15, 2021 2:32 pm
See Stern, you were wrong. Cambodia is not the same as Nigeria or Venezuela. But will be rich with all this oil. Can pay back all the money to China and live like Americans and us Canadians.
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

Post by Phnom Poon »

just in time for peak oil
not the original meaning of the term, but peak demand
we'll all be driving electric cars and be powered by solar in a decade

.

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

Post by Clutch Cargo »

Phnom Poon wrote: Mon Feb 15, 2021 6:26 pm just in time for peak oil
not the original meaning of the term, but peak demand
we'll all be driving electric cars and be powered by solar in a decade
Ha! I'm trying to imagine all those moto parking places here with daisy chain recharge sockets..

Powered by electricity from new coal power stations..
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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Low Output from Cambodia's First Offshore Oil Field Hits KrisEnergy's Restructuring Plans
OE Staff March 31, 2021

Production from the Apsara field, Cambodia's first producing offshore oil field, has been below expectations, and will almost certainly not meet the pre-development forecast of peak production of 7,500 bopd, according to KrisEnergy, the operator of the project. The field's underperformance will also affect KrisEnergy's restructuring efforts.

KrisEnergy, which brought the offshore oil field online in December 2020, had expected the field to provide the cashflow necessary to fund the ongoing operations of the group, however, results from the wells brought online so far are not what was expected.

As at 30 March 2021, the gross production rate at the Apsara field was 2,493 barrels of oil per day (“bopd”) and the average gross production rate for the field for the 23 February 2021 to 30 March 2021 period was 2,883 bopd, KrisEnergy said.

The Apsara oil field started production from a single well, A-01D, on 28 December 2020. Four additional wells were brought on stream since then.

The Apsara Mini Phase 1A has been developed as an initial small-scale project in order to observe and appraise reservoir performance in the previously unproduced Khmer Basin and collect vital production and subsurface data to determine the long-term potential and value of the Apsara area in Block A.

"To date, the highest production rate achieved at the Apsara field was 3,534 bopd on 27 March 2021. Based on production rates and pressure behavior for individual well performance in the first 36 days since all five wells went online, the Company’s preliminary analysis indicates that the reservoirs encountered in the five development wells appear less productive and continuous in nature than expected compared with the results from the original appraisal wells," KrisEnergy said Wednesday adding that work is ongoing to evaluate the results and to formulate future plans.

"Consequently, the pre-development forecast of peak production of 7,500 bopd will not be achievable for Apsara Mini Phase 1A. In line with lower production rates, preliminary observations also indicate that the ultimate recovery from the five development wells is likely to be significantly lower than predevelopment expectations as the limited continuity of the reservoirs encountered will decrease the original oil-in-place (“OOIP”) estimates associated with the producing wells," KrisEnergy said.

"The company continues to review all data to test its internal assessments. A third-party petroleum engineering consultant, Netherland, Sewell & Associates, Inc. (“NSAI”), will be independently assessing the ultimate recovery from the current five development wells. NSAI’s initial review is expected to conclude in April 2021," the company said.
https://www.oedigital.com/news/486490-l ... ring-plans
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Re: Cambodia, KrisEnergy sign deal to develop offshore oil field

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the soundtrack


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

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Image

Close your eyes (quick) if you don't like the sight of blood in the water
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