Oil firm ready to ink production-sharing agreement
Executives at Singapore-listed energy firm KrisEnergy Ltd say they have settled terms with the Cambodian government and are ready to sign a long-awaited production-sharing agreement that would pave the way for the first-ever extraction of petroleum from Cambodian territorial waters. Kelvin Tang, KrisEnergy’s chief operating officer and president of its Cambodia operations, said on March 29 that a contract has been finalised that will govern the extraction of offshore oil and gas from the Block A oil field in the Gulf of Thailand. KrisEnergy holds a 95 percent stake in the 4,709-square-kilometre offshore block, while the Cambodian government holds the remaining 5 percent. According to Tang, KrisEnergy and Cambodia’s Ministry of Mines and Energy have agreed to terms on a production-sharing agreement, “but everything is only set once all parties have signed the relevant agreements”. He added that the company was simply waiting for the government to call and set a date for the signing.
