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Future of KrisEnergy’s Cambodia Oil Operations in Doubt

Phnom Penh : Cambodian oil drilling in the Gulf of Thailand is in jeopardy. Secretary of State of the Ministry of Mines and Energy, Mr. Meng Saktheara, released a statement on his Facebook page on Wednesday afternoon, explaining the impact of KrisEnergy’s liquidation. The Singapore-listed company is the parent company of KrisEnergy Cambodia Limited, which has the drilling rights for the Apsara Oil Field in the Gulf of Thailand.

On Tuesday, KrisEnergy said its drilling operations in Cambodia would be unaffected by the liquidation process, but Mr. Meng Saktheara says the company’s major plans have been put on hold and that the liquidation process will need to become clearer before the “Block A” oil agreement between the company and the Royal Government of Cambodia can resume.

Liquidation means that KrisEnergy’s creditors will manage all of its existing assets, including KrisEnergy Cambodia and its Block A concession rights. Those creditors could decide to find new partners to manage those assets or sell them off, but with an agreement already in place, creditors will have to reach consensus with the Cambodian government on what happens to Block A and the Apsara Oil Field.

The news comes on the same day that first-ever drop of oil pumped from Block A was delivered to the Win-Win Monument in Phnom Penh. The ceremony was presided over by Deputy Prime Minister and Minister of National Defense, Mr. Tea Banh. It was also attended by Minister of Mines and Energy, Mr. Suy Sem.

The oil was pumped on 29 December 2020, the 22nd anniversary of the end of the war in Cambodia. The oil is being hailed as a legacy of peace, under the “win-win” policy of Prime Minister Hun Sen, so the Win-Win monument couldn’t be a more perfect home for Cambodia’s first ever drop of oil.

Located in Chroy Changvar, the monument is dedicated to Prime Minister Hun Sen’s “win-win policy”, credited with steering Cambodia from the ravages of war to being one of the most rapidly-developing countries in the world. As the Prime Minister himself said recently, oil would never have been produced in Cambodia had the flames of war not been replaced by peace. The oil has now been ceremoniously placed at the monument to remind Cambodian people that “win-win” policies have brought peace and socio-economic development.

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