Block A Oil on Track

Last month’s purchase by Singapore-listed KrisEnergy of a 42.75 percent working interest in the Block A offshore energy concession made them a majority owner in the project, with an overwhelming control of 95 percent of the stakes. This acquisition is expected to accelerate the development of the project, a senior official at the Ministry of Mines and Energy said yesterday. Meng Saktheara, secretary of state at the ministry told Khmer Times yesterday that one company having effectively sole ownership would be a boost to the plans to begin petroleum extraction soon.
 

“It is good news as they now totally control the project so I expect that the company will speed up their business performance, as before [the three companies involved in the stake] needed to get approval from their stakeholders about any changes,” Mr. Saktheara said. In August KrisEnergy announced that it was in negotiations to buy out Mitsui Oil Exploration’s 28.5 percent stake, and GS Energy Corporation’s 14.25 percent stake, after the companies approached KrisEnergy to seek a sale of their shareholdings. The sale was completed on October 7, with the purchases adding to the 52.25 percent stake they owned since buying Chevron’s in 2014.
 

The Cambodia National Petroleum Authority still has a five percent stake in the 4,709-square-kilometer concession located in Cambodian waters within the Gulf of Thailand. “What that they have to do now is to double check with their source of funds to implement the project because it is a lot of money,” Mr. Saktheara cautioned.

read more http://www.khmertimeskh.com/news/31655/block-a-oil-on-track/

 

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