Five foreign firms eyes resuming oil extraction in Cambodia after KrisEnergy fails

• Sommana Yan
• 8 April 2022
• Uncategorized
• 3517 Views

Five foreign companies from different countries have been interested in resuming the oil extraction operation in Block A and exploring other oil blocks in Cambodia after KrisEnergy announced bankruptcy last year.

HE Cheap Sour, Director General of the General Department of Petroleum, Ministry of Mines and Energy, said on Friday 8 April that those five companies are from China, Malaysia, Kazakhstan, Canada, and Thailand.

“The interest in resuming oil extraction in Block A after KrisEnergy is still in the first early stage of discussion. The same for the interest in other oil blocks, they are just first step negotiations,” said HE Cheap Sour.

“I hope that if the oil market remains good, we will be able to find potential investment partners to further develop Block A, as well as explore other blocks,” he added.

The entry of these new companies is after Cambodia’s first-ever oil exploration process was silenced for more than a year after Singapore-based firm KrisEnergy went bankrupt in June 2021. (Read more)

Regarding the 300,000 barrels of crude oil that were taken out of Cambodia without permission by MT Strovolos, the Ministry of Mines and Energy has confirmed that legal proceedings have been made to claim the oil back. (Read more)

 

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