Skip to main content

KrisEnergy farms-out Vietnam offshore block

Published by , Editor
Oilfield Technology,

KrisEnergy Ltd. has announced that its wholly-owned subsidiary, KrisEnergy (Vietnam 115) Ltd., has entered into a farm-out agreement with a major international oil and gas company for the transfer of its entire 100% working interest in the Block 115/09 production sharing contract, offshore Vietnam for a nominal cash consideration.

The consideration was arrived at taking into account that the transfer of the exploration block reduces the company’s liabilities and mandatory work commitments comprising a 3D seismic acquisition program of at least 850 km2 along with processing of the data and the drilling of one exploration well. The Board believes it is more prudent to allocate KrisEnergy’s limited capital to funding near-term development, in particular the development of the Apsara oil field in Cambodia Block A. The transfer is in the Group’s ordinary course of business and does not change the Group’s risk profile.

The transfer of Block 115/09 working interest and operatorship is subject to a number of conditions including approvals from the relevant government authorities. The long stop date for the farm-out agreement is 30 June 2020.

Read the article online at:

You might also like

BKV Corporation shares sustainability report

The report details progress on the company's environmental initiatives, its path to achieving net zero emissions from its owned and operated upstream and natural gas midstream businesses, and updates on employee engagement and safety performance.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Upstream news Offshore news Oil & gas news