KrisEnergy, through its Vietnamese subsidiary, has divested its 100% interest in the exploration block 115/09 located offshore Vietnam to an undisclosed international oil and gas company.
The financial terms of the deal, which was signed in February, have not been made public.
Go deeper with GlobalData
The Singapore-based oil and gas company said it agreed on the transfer of the exploration block, considering the reduction in its liabilities and mandatory work commitments, including a 3D seismic acquisition program for a minimum of 850km², processing of the data and the drilling of one exploration well.
Separately, KrisEnergy announced that production from the Apsara oil field in Block A offshore Cambodia has been below expectations and failed to meet the pre-development forecast of peak production of 7,500 barrels of oil per day (bpd).
Production from the Apsara oil field started from a single well, A-01D by 28 December and four additional wells commenced production since then.
KrisEnergy said it has developed the Apsara Mini Phase 1A as an initial small-scale project to observe and appraise reservoir performance in the previously unproduced Khmer Basin and help in determining the long-term potential of the Apsara area by collecting collect vital production and subsurface data.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAs of 27 March, the Apsara field’s highest production rate achieved was 3,534bpd.
KrisEnergy said a press statement: “In line with lower production rates, preliminary observations also indicate that the ultimate recovery from the five development wells is likely to be significantly lower than pre-development expectations as the limited continuity of the reservoirs encountered will decrease the original oil-in-place (OOIP) estimates associated with the producing wells.”
As a result of the field’s underperformance, KrisEnergy’s restructuring efforts will be affected, the firm noted.
While the company will review all data to test its internal assessments, the Netherlands, Sewell & Associates (NSAI) will undertake ultimate recovery assessment from the current five wells.
