KrisEnergy assumes control of license offshore Cambodia

Offshore staff

SINGAPORE – KrisEnergy has completed its acquisition of the entire share capital of Chevron Overseas Petroleum (Cambodia) Ltd (COPCL).

This follows receipt of acknowledgement in mid-September from the Royal Government of the Kingdom of Cambodia for the change of ownership.

COPCL has a 30% operated interest in the offshore block A petroleum agreement. This will be transferred to the newly-named subsidiary KrisEnergy (Apsara), which also holds KrisEnergy’s existing 25% stake in the concession.

However, Cambodia National Petroleum Authority, or its successor, intends to exercise its right to acquire a 5% stake, which will reduce KrisEnergy’s combined holdings to 52.25%. Joint venture partners MOECO and GS Energy have approved the transfers.

The contract area covers 4,709 sq km (1,818 sq mi) over the Khmer basin in the Gulf of Thailand, in water depths ranging from 50-80 m (164-262 ft). Exploration of the license area since the mid-2000s resulted in the Apsara oil discovery.

10/02/2014

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