Singapore: KrisEnergy, an independent upstream oil and gas company, has completed the acquisition of Chevron Overseas Petroleum (Cambodia) Limited (COPCL).
COPCL holds a 30% working interest in and operatorship of the Block A petroleum agreement offshore Cambodia. Prior to the completion of the acquisition, KrisEnergy held an indirect 25% working interest in Cambodia Block A, and now holds a combined 55% working interest in the development block. Cambodia National Petroleum Authority, or its successor, intends to exercise its right to acquire a 5% working interest in the block, which when completed will reduce KrisEnergy’s combined holdings to 52.25%. Joint-venture partners, MOECO and GS Energy, have approved KrisEnergy’s acquisition.
Richard Lorentz, executive director, said: “KrisEnergy has achieved many milestones in its five-year history, but gaining operatorship of Cambodia Block A marks a new step up in our activities. Development of what we believe are significant oil resources in place will be a flagship project for the company as well as for Cambodia,” he said, adding the company would work as fast as possible to “launch Cambodia as an oil producing nation”.
The contract area covers 4,709 sq km over the Khmer Basin in the Gulf of Thailand where water depths range from 50 metres to 80 metres. [02/10/14]