KrisEnergy Makes Final Investment Decision on Apsara Oil Development, Offshore Cambodia
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KrisEnergy, a Singapore-listed oil and gas company has made a final investment decision (FID) for Phase 1A of the Apsara oil field development project offshore Cambodia.
The Apsara development marks the first hydrocarbon development project in the Southeast Asian country.
First oil from the field is expected to be produced in 2019 after formal launch of the project, stated KrisEnergy which plans to carry out two additional development phases in the oil field.
The Apsara oil field is contained in Cambodia Block A in the Gulf of Thailand where KrisEnergy is the operator with a stake of 95 percent.
The General Department of State Property and Non Tax Revenue of the Ministry of Economy and Finance, on behalf of the Cambodian government, owns the remaining stake of 5 percent in the offshore block.
KrisEnergy CEO and Cambodian Operations President Kelvin Tang said: “FID is another step in progressing the Apsara development within the target timeframe following the formal signing of the petroleum agreement in late August.
“Our technical and operations teams are preparing the necessary tenders for materials, equipment and services. In parallel, consultations continue with parties interested to join this groundbreaking project to reduce our operational risk and capital expenditure exposure.”
According to KrisEnergy, the phase 1A project will see installation of a single unmanned minimum facility with a 24-slot wellhead platform. This platform is estimated to produce daily up to 30,000 barrels of fluid.
Oil produced from phase 1A of the Apsara development will be transferred through a 1.5km pipeline and stored in a permanently moored floating, storage and offloading vessel.
In a separate development, KrisEnergy has started drilling of the East Mayura-1 exploration well in the Gulf of Thailand in the G10/48 license which contains the Wassana oil field.
KrisEnergy is the operator of the offshore Thai block with a stake of 89 percent, and is partnered by Palang Sophon which holds the remaining 11 percent stake.
Source: Energy Business Review
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