PM Announces Collapse of First Oil Drilling Industry

• 1 August 2021
• Local News
• 2522 Views

Cambodia Prime Minister Samdech Hun Sen on Sunday announced the collapse of Cambodia’s first crude oil extraction operated by KrisEnergy.

The announcement comes after the company announced its liquidation in June due to the debt crisis. (Read more)

Speaking at the opening ceremony of the COVID-19 vaccination campaign for 12- to 17-year-olds, PM Hun Sen said the company is bankrupt and ran away with a ship full of oil.

“They [KrisEnergy] left Cambodia with a ship full of the first crude oil. We took action quite late, now the ship has already reached Thai territory. They have their lawyers. They have rented a ship waiting there. Now, it took all the crude oil away,” said PM Hun Sen.

However, the Prime Minister stated that the government will continue to constantly promote the exploration of oil and gas as Cambodia still has many high potential blocks of oil and gas.

Cambodia announced the pumping of the first drop of crude oil on 29 December 2020. As planned, the company expected to produce 7,500 barrels per day, but only around 1,000 barrels were able to be extracted per day. (Read more)

• Business and Market
• Energy and Environment