KrisEnergy hits milestone in Cambodia Block A Apsara oil development

KrisEnergy hits milestone in Cambodia Block A Apsara oil development

Independent upstream oil and gas company KrisEnergy announced on August 26 that it has completed the fabrication of the minimum facilities wellhead platform (mini-platform) for the Apsara oil development offshore Cambodia Block A.

The Apsara field lies over the Khmer Basin, an unproduced geological basin in Cambodian maritime waters of the Gulf of Thailand.

The topsides and jacket are being transported to Cambodian waters in the Gulf of Thailand for installation, says the company.

“From first steel cutting to sail away has been nine months and this landmark is made all the more remarkable given the difficulties and restrictions our project team and our NOV Profab colleagues have faced since early 2020 as a result of the coronavirus pandemic,” says Kelvin Tang, CEO, and president of KrisEnergy’s Cambodian operations.

“Thanks to the enormous efforts of all parties involved, including suppliers and contractors who have overcome logistical hurdles to keep deliveries of equipment and materials on track to the Batam facility from across the globe, we continue to advance towards our target of first Apsara oil before the end of the year,” Tang adds.

On June 5, KrisEnergy said it was “confident” that its credit facility agreement amounting to some US$87 million ($121.7 million) with Keppel Corporation’s subsidiary Kepinvest Singapore, will remain unchanged.

The agreement was made on April 30. On July 9, Keppel Corporation extended its deadline for KrisEnergy to complete its restructuring process by September 30, from its original deadline of July 15.

On August 11, the company says it will not be repaying its principal and interest payable under the term facility agreements to The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank, Singapore Branch amounting to some US$4.4 million which will be due on August 21.

theedgesingapore.com