KrisEnergy (Asia) has agreed to acquire Chevron Overseas Petroleum (Cambodia), a unit of Chevron Global Energy, for $65m.
Chevron Cambodia operates and holds a 30% participating interest in offshore Block A, which covers 4,709km² in the Khmer Basin in the Gulf of Thailand.
KrisEnergy previously held a 25% indirect participating interest in the block, which has been explored since the mid-2000s, resulting in the discovery of the Apsara oil field.
A production permit application for Apsara was submitted in 2010 and updated in 2012.
Upon completion of the transaction, KrisEnergy will increase its stake in Block A to 52.25%.
Chevron Cambodia’s stake in the block will be reduced to 28.5% once the Cambodia National Petroleum Authority (CNPA) or its successor completes its acquisition of a 5% participating interest.
KrisEnergy business development director Richard Lorentz said: "We farmed into Cambodia Block A in 2010 and we believe it has all the makings of a significant oil production area.
"Chevron, with its experience in the Gulf of Thailand, has done some tremendous work in Block A and we hope that with the KrisEnergy entity now holding operatorship, we will be able to steer the Apsara development plans forward to first production as quickly and cost effectively as possible."
The first phase of the Apsara project will include 24 development wells from a single platform with oil processed and then stored in an offshore vessel prior to export.
Production from the first single platform is estimated to peak at about 10,000 barrels of oil per day.