Energy Ministry, KrisEnergy Cooperate in Seeking Market for Apsara Crude Oil

• 17 May 2021
• Local News
• 2339 Views

The Ministry of Mines and Energy (MME) and Singapore-based KrisEnergy have been working together to find markets to sell the crude oil produced from the Apsara oil field, according to MME Secretary of State Meng Satheara.

HE Meng Sathera made the announcement in response to criticism over the lower-than-planned crude oil production.

“The ministry is well aware of this, and so far, all government announcements, as well as the ministry, have made it clear that the first drop of oil is not plentiful and is not expected to provide significant national budget revenue that could change the size of the Cambodian economy at the present time as well as in the short term of future,” said HE Sathera.

“Based on the production capacity of the five wells, the production capacity of each well is not significantly different from what Chevron, the company, spent 10 years exploring for oil in Cambodia in the past,” he added.

Prior to its departure, Chevron planned to produce 7,500 barrels per day from 22 wells. After Chevron left, Singapore-based KrisEnergy initially planned its production using 20 wells, less than two Chevron wells.

Following the financial crisis at its parent company and the COVID-19 crisis, KrisEnergy has switched plans to use only the first five wells to test the engineering capacity of the underground oil reservoir.

In late April, KrisEnergy said that the crude oil production from five well was about 2 barrels lower than planned of 7,500 barrels.

• Economy and Finance
• Energy and Environment