Cambodia Block A lies offshore Cambodia where extensive exploration work in the licence area since the mid-2000s resulted in the Apsara oil discovery for which a production permit application (PPA) was submitted in 2010 and updated in 2012. The contract area covers 4,709 square kilometres over the Khmer Basin in the Gulf of Thailand where water depths range from 50 metres to 80 metres.
“We farmed into Cambodia Block A in 2010 and we believe it has all the makings of a significant oil production area,” said Richard Lorentz, director of business development at KrisEnergy. “Chevron, with its experience in the Gulf of Thailand, has done some tremendous work in Block A and we hope that with the KrisEnergy entity now holding operatorship, we will be able to steer the Apsara development plans forward to first production as quickly and cost effectively as possible. We will give this project our full focus as we work with the Cambodian authorities to finalise the Apsara PPA.”
The total consideration for the transaction is USD 65m subject to a working capital adjustment. Chevron Cambodia will be renamed to KrisEnergy (Apsara) once an acknowledgment is received for the transaction by the government of Cambodia.
Joint-venture partners, MOECO Cambodia Co. Ltd (MOECO) and GS Energy Corporation (“GS Energy”), have approved the transaction.
Chevron Cambodia’s 30 per cent participating interest in Cambodia Block A will reduce to 28.5 per cent once the Cambodia National Petroleum Authority (CNPA) or its successor completes its acquisition of a five per cent participating interest in the block.
This article has been extracted from http://www.oilandgastechnology.net, please click on this link to read the article in full http://www.oilandgastechnology.net/upstream-news/krisenergy-secures-chevron-acreage-offshore-cambodia
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