Singapore-based KrisEnergy agreed to acquire Chevron’s Cambodian upstream subsidiary, which holds a 30% operating stake in offshore Block A, for $65 million, KrisEnergy said Monday.
Block A covers covers 4,709 sq km (1,818 sq miles) in the Khmer Basin in the Gulf of Thailand.
The block has been explored for about ten years and resulted in the discovery of the Apsara oil field.
A production permit application for Apsara was submitted in 2010 and updated in 2012, KrisEnergy said.
Cambodia has had no oil or gas production and the Apsara production permit application is the first to be evaluated by the Ministry of Mines and Energy.
Phase one of the Apsara project would include 24 development wells from a single platform.
Production from the initial single platform is expected to peak at around 10,000 b/d of oil.
The other partners in the block are MOECO Cambodia and GS Energy.
Once the deal is completed, KrisEnergy will indirectly hold a 52.25% stake in the block. MOECO would hold 28.5%, GS Energy 14.25% and CNPA 5%.
Two additional future development phases in the Apsara area on the discoveries made to date may involve the installation of up to nine platforms, each with 24 wells, KrisEnergy said.
Further development across the entire licence area could involve up to 44 production platforms in seven separate producing areas.