SINGAPORE – KrisEnergy (Apsara) and KrisEnergy (Cambodia) have entered a credit facility agreement with Kepinvest Singapore covering a loan of up to $87 million.
This will be used to help fund development of parent group KrisEnergy’s offshore Cambodia block A Apsara oil and gas field development in the Khmer basin of the Gulf of Thailand.
A minimum facilities wellhead platform is currently under construction. Due to uncertainties over production from the Khmer basin, the Apsara development is being phased to mitigate risk and provide time for compiling and analyzing data.
If further phases of the development do proceed, KrisEnergy anticipates peak production is expected between 2024 and 2026.
The present Mini Phase 1A is designed to incur minimum costs to first oil and comprises the mini-platform and five initial development wells connected to the Ingenium II production barge for oil, gas and water processing.
At least two of the five wells will target fault blocks where exploration wells were successful.
Mini Phase 1A is expected to deliver first oil later this year, building to 7,500 b/d.