KrisEnergy secures US$87 million loan for offshore project in Cambodia

• 5 May 2020
• Construction Focus
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KrisEnergy has said that on 30 April 2020 it entered into a credit facility agreement with Kepinvest Singapore Pte. Ltd. as a lender for a loan of up to USD87 million for its offshore development project in Cambodia. This is according to a press release published in Offshore Engineer on 01 May 2020.

KrisEnergy will use the seed money to further develop its oil extracting project in the 3,083 sq. km Cambodia Block A (CBA) oil field located in the Khmer Basin of the Gulf of Thailand.

In August 2017, KrisEnergy and the Government of Cambodia signed an initial agreement to formally commence development of the Apsara Oil Field under a 95% – 5% share basis, of which the KrisEnergy Group holds 95%, and the government holds 5%.

According to a press release from KrisEnergy on 9 December 2019, oil from the Apsara Oil Field in CBA is scheduled to flow in the first half of 2020, and the field is expected to reach peak production of 7,500 barrels of oil per day. (Read more)

However, extraction of the first oil in Cambodia is subject to further discussion and planning post-COVID-19, according to H.E Cheab Sour, Director General of the Department of Petroleum, at the Press Conference on Progress and Future Direction Ministry of Mines and Energy on 21 April 2020. (Read more)

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