KrisEnergy plans to produce oil from Cambodia’s offshore Block A oil deposit next year and forecasted an investment of more than $30 million in the country this year, according to its 2017 annual report.

The Singapore-based energy company secured a petroleum licence for Block A from the Cambodian government in August last year, allowing it to pull oil from the 3,083-square-kilometre plot in the Gulf of Thailand.

KrisEnergy holds a 95 percent stake in Cambodia’s Block A, with the Ministry of Economy and Finance holding the remaining 5 percent.

In its annual report, the company projected it would spend $39.4 million in Cambodia this year – more than a third of the company’s total forecasted capital expenditure for the year, and a significant increase over the $3 million spent in the country last year.http://www.phnompenhpost.com/business/krisenergy-investment-plans-drawing-oil-next-year