Despite the government’s pride in Cambodia’s long-awaited oil production, the nation’s oil industry remains in limbo after developer KrisEnergy announced it was unable to pay its debts.
Cambodia has begun extracting its first crude oil from the Gulf of Thailand – a development that Prime Minister Hun Sen called a “blessing” as observers demanded transparency over revenue in order to avoid the “oil curse” that has riled other major producing nations. The first drop was extracted from the “Block A” concession on […]
Singapore based oil and gas firm KrisEnergy said on Wednesday that financial setbacks will not affect its plan to produce Cambodia’s first oil by 2020 as scheduled, after being granted a three-month moratorium by a Singaporean court to give the company “breathing space” to restructure its $476-million debt.
An oil exploration license is expected to be signed “soon” with a Chinese company for the exploration of Block D in the Gulf of Thailand, a government spokesman said on Thursday. Block D is a 5,500-square-kilometer concession formerly licensed to Cambodian firm CPHL. The previous license was revoked in 2016, reportedly due to failure to meet the terms of the agreement.