Page 12 - Oil&Gas-AustralAsia-2015-Issue-4

C AMBODIA
KrisEnergy could revitalise Cambodia
By Marie RYAN
Kris Energy’s purchase of Chevron’s
entire stake in the Gulf of Thailand with in 2010.
Block-A has the potential to boost the
local petroleum industry after the US
major exits analysts have speculated.
The Singaporean player announced in
August that it had acquired a 30 per
cent participating interest in and opera- the issue of taxation. We want to make
torship of Block A for $65 million from
a Chevron subsidiary.
The company’s shareholders include
US energy-focused private equity and
infrastructure investment firm First
Reserve Corporation and conglomerate
Keppel Corporation.
Cambodia’s Ministry of Mines and En-
ergy Secretary of State Meng Saktheara
said development of the offshore project
was delayed despite Chevron filing a
production permit application (PPA)
Wood Group wins
Ca Rong Do work ByMarieRYAN
Wood Group has been awarded the
front end engineering and design
(FEED) contract for the subsea de-
velopment of the Talisman Energy
Ca Rong Do field offshore Vietnam;
estimated to contain around 67 million
barrels of oil equivalent.
Wood Group Kenny (WGK) will carry
out comprehensive flow assurance
studies and full FEED engineering of
the subsea system and structures, risers, Chief Executive of Wood Group Kenny
flowlines, and power and control um-
bilicals. The work on the subsea FEED
will be carried out from WGK’s Kuala
Lumpur office and supported by other
A A10 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
for the Apsara oil discovery in Block A
“It was updated in 2012 as there was
disagreement over taxation,” Mr Sakt-
heara in February.
“The government has not yet responded
to the application from Chevron due to
sure that all Cambodian people benefit
from this development,” he said.
While Chevron has so far not comment
on why it disposed of its interest in
Block A, especially after more than a
decade of exploration and development
work, the talks with the Cambodian
authorities could have been stalled by
regulatory changes governing the local
petroleum sector.
WGK Asia Pacific offices.
This follows the award of the top
tensioned riser (TTR) FEED contract
for design of the dry tree production/
injection and drilling riser systems. The solutions for the Ca Rong Do develop-
WGK Houston office, a centre of excel-
lence for dry tree riser system engi-
neering, will carry out the engineering
for the tension leg wellhead platform
(TLWP) supported riser systems.
Bob MacDonald said winning both of
these contracts underlines our position
as the international experts in FEED,
“The original contract that both parties
signed in 2002 [was] based on regulato-
ry documents from 1991, which states
that oil companies should pay just 25
per cent tax on earnings. But that regu-
lation was changed in 1997, requiring a
30 per cent corporate tax, which Chev-
ron rejected upon review,” The Cambo-
dia Daily reported in August.
Upon receipt of governmental approval
for the acquisition of Chevron Cam-
bodia, which has been accepted by
partners MOECO Cambodia and GS
Energy Corporation the Block A joint
venture will consist of KrisEnergy as the
operator with 52.25 per cent interest,
MOECO Cambodia Company with a
28.5 per cent interest, GS Energy who
will hold a 14.25 per cent interest and
MME (which has taken over CNPA)
with 5 per cent. §
particularly in riser and subsea
specialties.
“We are leveraging our global network of
engineers to deliver the most effective
ment,” Mr MacDonald said.
“These contracts also continue Wood
Group’s strong relationship with Talis-
man Energy which spans continents;
from this key greenfield project in Viet-
nam, to operations and maintenance on
UK North Sea assets.” §