logo-loader

KrisEnergy greenlights Apsara oil project offshore Cambodia

Published: 07:30 20 Oct 2017 EDT

oil and gas operations
KrisEnergy holds 95% of Block A

KrisEnergy Ltd confirmed it is greenlighting the Apsara oil project which will be Cambodia’s first ever hydrocarbon field.

It has made the final investment decision for the project, located in Block A in the Gulf of Thailand, is envisaged to be a single unmanned facility capable of processing some 30,000 barrels of fluid per day - to yield gas, oil and water.

First production is earmarked to be delivered within 24 months of the formal project launch.

“FID is another step in progressing the Apsara development within the target timeframe following the formal signing of the petroleum agreement in late August,” said Kelvin Tang, KrisEnergy chief executive.

“Our technical and operations teams are preparing the necessary tenders for materials, equipment and services.

“In parallel, consultations continue with parties interested to join this groundbreaking project to reduce our operational risk and capital expenditure exposure.”

KrisEnergy holds 95% of Block A, while the Cambodia government retains 5% of the project.

Apsara is expected to be the first of a number of developments with Block A.

The company, in a statement, explained that there are multiple individual oil accumulations in the block and as a number of them are believed to be small in size and spread across a large geographic area and it is advancing a phased development strategy.

At Apsara, the company will be installing one platform, in the Phase 1A development, and, following a period of data monitoring, the subsequent phases would see another three platforms installed into the first production facility.

Phase 1C would then add a further six platforms, taking the total field to ten platforms.