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Singapore: Oil firm to buy Chevron’s Cambodia assets

By  |  August 11, 2014

Singapore oil and gas company KrisEnergy announced Monday that it has finalized a deal to acquire Chevron Corp’s assets in Cambodia.

According to reports, KrisEnergy will acquire Chevron’s offshore oil block and take over the assets as its operator in a transaction agreed to at $65 million.

The acquisition of Chevron Overseas Petroleum (Cambodia) is subject to regulatory approval, but other partners in the oil block joint venture have reportedly already approved the deal. Those partners include NOECO Cambodia and GS Energy Corporation.

The deal will result in KrisEnergy boosting its stake in the assets from 25 percent to 52.25 percent, according to reports.

Full content: Reuters Africa

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