Oil Production Continues Despite Driller Announcing Liquidation, Says Mines Ministry Spokesman

• Sommana Yan
• 9 June 2021
• Uncategorized
• 3368 Views

The Ministry of Mines and Energy has confirmed that KrisEnergy (Cambodia) still continues its oil drilling operation as normal despite the parent company KrisEnergy recently announcing its liquidation due to its inability to pay debts.

HE Cheap Sour, General Director of Petroleum at the Ministry of Mines and Energy, confirmed that KrisEnergy (Cambodia) is still in operation. The firm is expected to provide an official report on the latest movement of the firm to the ministry.

“Things still have to go through the court procedure and I don’t know who will manage and operate KrisEnergy (Cambodia) after the liquidation. However, the works and obligation in the agreement with the government remain; thus, the firm has to continue the work. Besides, talks on exporting crude oil are still ongoing,” he said.

On 04 June, KrisEnergy announced that it is unable to pay its debts based on actual and/or contingent liabilities and will soon proceed to liquidation. (Read more)

Despite all the uncertainty, the Cambodian government this morning held a ceremony bringing the first oil to on display at the Win-Win monument, demonstrating the historical achievement and symbol of the success of Cambodia.

• Energy and Environment