Singapore-based upstream oil and gas firm KrisEnergy Ltd said on Monday it has agreed a $65 million deal to buy out Chevron Corp's interest in an offshore oil block in Cambodia and take over as the block's operator.
KrisEnergy said in a statement it plans to acquire the entire issued share capital of Chevron Overseas Petroleum (Cambodia) Ltd, a subsidiary of the global oil company.
The deal is subject to regulatory approvals. Other partners in the joint venture, MOECO Cambodia Co. Ltd and GS Energy Corporation, have approved the transaction, KrisEnergy said.
Once the deal is completed, KrisEnergy will increase its stake in Cambodia Block A from 25 percent to 52.25 percent. The block is located in the Gulf of Thailand, where Chevron struck oil a decade ago - the first significant oil discovery in Cambodia's history.
Copyright, Reuters, 2014.