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April 9, 2020

KrisEnergy completes Andaman II offshore block sale to BP

Oil and gas production firm KrisEnergy has completed the disposal of its stake in the Andaman II production sharing contract (PSC) to BP Exploration Operating Company.

By Himaja Ganta

Oil and gas production firm KrisEnergy has completed the disposal of its stake in an Indonesian block. BP Exploration Operating Company has acquired KrisEnergy’s 30% non-operated working interest in the Andaman II production sharing contract (PSC).

The Andaman II PSC is a 7,400km² exploration block in the Malacca Strait offshore Kalimantan, Indonesia. It is located in water depths ranging from 200m to 1,950m, over the North Sumatra basin. Operator Premier Oil has a 40% interest in the block, and Mubadala Petroleum holds 30%.

The company originally signed the conditional sale and purchase agreement (SPA) with BP for the sale in November last year.

The consideration for the disposal is $15m, subject to a retention sum of $1.7m. It may be used by BP to offset any payments that may become due from the completion date until 31 December next year.

In October 2017, KrisEnergy announced it was set to proceed with the first phase of development for the Apsara oilfield in offshore Cambodia after making a final investment decision (FID).

The Apsara oil field, which is located in the Cambodia Block A in the Gulf of Thailand, is the first-ever oil development in Cambodia.

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