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Chevron sells Cambodia upstream unit to KrisEnergy

Singapore-based independent KrisEnergy is to acquire Chevron’s Cambodian upstream subsidiary, which holds a 30% operating stake in offshore block A, for $65mn. Block A, which is located in the Khmer Basin in the Gulf of Thailand, includes the yet-to-be developed Apsara oil field. Phase one of the Apsara project will include 24 development wells linked to a single platform. Processed oil will be stored in an offshore vessel prior to commercial sale. Production from the initial single platform is expected to peak at around 10,000 b/d of oil. Block partners will be MEOCO (28.5%), GS Energy (14.25%) and CNPA (5%). KrisEnergy held a 25% stake prior to the deal.

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