Cambodia unclear on oil plans after partner heads towards liquidation

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.

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