KrisEnergy has warned that its current production rate at Cambodia’s Apsara offshore oil block has yielded only around half the company’s projected peak rate, and it has extended debt repayment deadlines and brought in an engineering firm to assess the situation amid “material uncertainty … to continue as a going concern.”
KrisEnergy extracted the first drops of oil from Cambodia’s Block A, Prime Minister Hun Sen announced on Tuesday, achieving a decades-old goal despite the company’s ongoing financial woes.
While Cambodia has aspired to draw its first oil since deposits were discovered off the coast in 2004, an oil field licensee has missed another production deadline and now faces a global slowdown in oil and gas exploration.
Phnom Penh City Hall has told businesses to stop selling alcoholic beverages, just days before the Khmer New Year and after Cambodia recorded its single highest daily tally of Covid-19 infections on Friday.
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