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Cambodian Prime Minister, Hun Sen announced that the Kingdom had extracted its first drop of crude oil from water, a long-awaited milestone for one of Southeast Asia's poorest nations.
He hailed the first extraction of crude as "a new achievement for Cambodia's economy".The crude was taken from an area off the southwestern coast of Sihanoukville. Chevron discover the reserves led the kingdom to be feted as the region's next potential petro-state, with government estimating hundreds of millions of barrels of crude were beneath the water.
KrisEnergy currently holds 95 percent stake of the block where the oil was taken from, while the government holds the rest. Kelvin Tang, CEO of KrisEnergy's Cambodia operations, said there has been a "steep learning curve" to launch the field production during a global pandemic."The cross-border logistics of mobilising personnel and equipment to execute this development safely during this time of Covid-19 would not have been possible without [government support]," he said
The company expects a peak production rate of 7,500 barrels per day once the drilling program completed in February 2021. A modest amount compared with Cambodia's oil-producing neighbors - Vietnam and Thailand.
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