Sin­ga­pore’s KrisEn­ergy to source oil from Cam­bo­dia

Southeast Asia Globe - - Agenda -

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

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