Cambodia unclear on oil plans after partner heads towards liquidation

KrisEnergy

10/06/2021 15:46

PHNOM PENH, June 10 (Reuters) - Cambodia's government said
on Thursday it had no immediate plan for maintaining oil
production in the country, after its partner KrisEnergy
announced it was headed to liquidation, just five months after
extracting the country's first drop of oil.
    Singapore-listed KrisEnergy  KRIS.SI  said on June 4 that it
was "unable to pay its debts based on actual and/or contingent
liabilities and will proceed to liquidation".
    KrisEnergy signed a pact with Cambodia's government in 2017
to develop 3,083 sq km (1,190 sq miles) of the Khmer basin in
the Gulf of Thailand known as Block A, after it bought out
Chevron's  CVX.N  operating interest in 2014 for $65 million.
    "I can't predict ... I can't answer this question, lets wait
and see," Ministry of Mines and Energy spokesman said when asked
about future oil production. 
    Tanya Pang, KrisEnergy Vice President, declined to comment
when contacted by email, referring Reuters to past statements.
    However, Cambodian government officials still celebrated the
first drop of oil at a preservation ceremony in Phnom Penh on
Wednesday, five days after KrisEnergy made its announcement. 

 (Reporting by Prak Chan Thul; Editing by Martin Petty)
 ((prak.chanthul@thomsonreuters.com; +855 12 666 297; Reuters
Messaging: prak.chanthul.thomsonreuters.com@reuters.net))