Singaporean oil and gas exploration company KrisEnergy – which is developing an offshore oilfield in Cambodian waters – released a statement yesterday outlining its current development and production update for all its international projects.
The COVID-19 pandemic has caused a devastating impact on demand for oil and gas and an unprecedented supply glut has presented monumental challenges to the company.
In response, KrisEnergy announced it has implemented its “COVID-19 pandemic continuity plan” resulting in-office staff working from home and the removal of all non-essential personnel from field operations and lengthening shift rotations for all its current oil and gas operations, including in the Gulf of Thailand.
The company has advised it is also continuing to liaise with both suppliers and contractors to resolve anticipated disruptions to deliveries of equipment and materials, a result of logistical delays and travel restrictions for personnel because of COVID-19.
For the local “Apsara oil field” located in Cambodian waters in the Gulf of Thailand and developed with the Cambodian Government, KrisEnergy has stated it will continue to work with advisers and stakeholders to implement its financial restructuring and will continue to advance the development of the Apsara oil field.
KrisEnergy only last week secured an $87 million credit facility agreement for its KrisEnergy (Apsara) Co Ltd, the concession holder offshore oil field, backed by Kepinvest Singapore Pte.
Recent events are part of a long line of setbacks for the company, after earlier in the year advising shareholders that it would have to appear in a Singaporean court to restructure its debt load, which stood at $476.8 million.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.