Singapore-based Kris Energy has gone into liquidation after production at Cambodia’s first offshore oil field failed to meet expectations, leaving it unable to cover its debt.
Kris operates the Apsara field in Cambodia with a 95pc stake. The project in the Gulf of Thailand started in December, with peak production targeted at 7,500 b/d by mid-February.
But production peaked at around 3,500 b/d in March and averaged less than 2,500 b/d since coming on line. The field’s reservoirs appear less productive than results from the appraisal wells had suggested, and both production and oil-in-place estimates are likely to be lower than expected, Kris said in late March.