What next for Cambodia’s oil dream after KrisEnergy collapse?

Hard-to-reach reserves and high projected costs cloud industry outlook.

Encased in a teardrop of glass fixed to an elaborately decorated gold-colored pedestal, Cambodia’s first drops of oil were memorialized at a ceremony on Wednesday, six months after being extracted from beneath the Gulf of Thailand.

Presided over by Cambodia’s ministers for energy and defense, the long-planned event praised Prime Minister Hun Sen, to whom ultimate credit was given for realizing the country’s decadeslong ambitions to pump petroleum.

The timing could hardly have been worse. Less than a week earlier, KrisEnergy, the company operating Cambodia’s first and only active oil field, announced it could not pay its debts and would be liquidated.

In full: https://asia.nikkei.com/Business/Energy/What-next-for-Cambodia-s-oil-dream-after-KrisEnergy-collapse

Related Stories

Latest News