The Cambodian Government and KrisEnergy have signed fiscal and technical agreements concerning the development of Cambodia Block A located in the Gulf of Thailand.
KrisEnergy operates the block with 100% interest.
Under the agreement, the company will transfer 5% participating interest of the concession to the government that will be held by the General Department of State Property and Non-Tax Revenue of the Ministry of Economy and Finance.
The company will also transfer 1,626km², representing nearly 25% of the Cambodia Block A area to the authorities, and will continue to own the remaining 3,083km² area.
KrisEnergy intends to develop Apsara area situated in the north eastern section of the concession.
The company is required to declare a final investment decision within 60 days, which marks the official launch of the Apsara project that is expected to produce first oil two years later.
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KrisEnergy chief operating officer Kelvin Tang said: “Our technical and project teams have a successful track record of bringing greenfield oil developments in the Gulf of Thailand into production on time and to budget.
“Apsara marks only the first phase of the development of Cambodia Block A. There remains further potential in other geological trends within the contract area for future investigation.”
The Cambodia Block A contract area is spread over the Khmer Basin in the Gulf of Thailand in water depths ranging around 50m to 80m.
Phase 1A of the Apsara development comprises the construction of a single unmanned minimum facility 24-slot wellhead platform producing to a moored production barge that can process up to 30,000 barrels of fluid per day along with gas, oil and water separation facilities.
The procured oil will be transported through a 1.5km pipeline for storage to a permanently moored floating, storage and offloading vessel.