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Krisenergy Commits to Cambodia Apsara Oil Development

Source: www.gulfoilandgas.com 10/20/2017, Location: Asia

KrisEnergy Ltd. (KrisEnergy), an independent upstream oil and gas company, has made a final investment decision (FID) to proceed with the first phase of development for the Apsara oil field, the first hydrocarbon development project in the Kingdom of Cambodia.

Located in Cambodia Block A in the Gulf of Thailand, Phase 1A of the Apsara development envisages a single unmanned minimum facility 24-slot wellhead platform producing to a moored production barge capable of processing up to 30,000 barrels of fluid per day with gas, oil and water separation facilities on the vessel. Oil will be sent via a 1.5 km pipeline for storage to a permanently moored floating, storage and offloading vessel.

Kelvin Tang, KrisEnergy’s Chief Executive Officer and President of Cambodian operations, commented: “FID is another step in progressing the Apsara development within the target timeframe following the formal signing of the petroleum agreement in late August. Our technical and operations teams are preparing the necessary tenders for materials, equipment and services. In parallel, consultations continue with parties interested to join this groundbreaking project to reduce our operational risk and capital expenditure exposure.”

KrisEnergy is the operator of Cambodia Block A and holds 95% working interest. The General Department of State Property and Non Tax Revenue of the Ministry of Economy and Finance holds the remaining 5% on behalf of the Royal Government of Cambodia.

The Cambodia Block A contract area covers 3,083 sq. km over the Khmer Basin in the Gulf of Thailand where water depths range between 50 metres and 80 metres. The individual oil accumulations in Cambodia Block A are small in size and spread over a large geographic area, requiring significant funds and time to fully develop. Additionally, reservoir production performance in the Khmer Basin has yet to be proven. For these reasons, among others, there is some uncertainty regarding long-term production rates, reserves and commercial viability and therefore a phased development approach has been prudently adopted. Once the initial Phase 1A platform is on stream, there will be a period to monitor reservoir performance before commencing Phase 1B, which envisages up to three additional platforms producing to the Phase 1A facilities. A Phase 1C will potentially add up to six additional platforms for the full 10-platform Apsara development.

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