Singapore’s KrisEnergy to source oil from Cambodia
Singapore-based energy company KrisEnergy plans to produce oil from Cambodia’s offshore oil deposit Block A next year and forecasts over $30m in investment in the country this year.
The company secured a petroleum licence for the block in August of last year from the Cambodian government and holds a 95% stake in the 3,083-square-kilometre plot off the Gulf of Thailand, with the Ministry of Economy and Finance maintaing the other 5%. KrisEnergy’s annual report for 2017 projected it would spend $39.4m in Cambodia this year, over a third of its capital expenditure for the year and more than it poured into the country last year. The company exited Indonesia and Vietnam projects last year to finance the investments, resulting in losses of $139.2m.
President of KrisEnergy Cambodia (L) shakes hands with Cambodian Minister of Mines and Energy