Keppel Invests $115M in KrisEnergy to Gain 20% Stake
by Quintella Koh
Tuesday, July 10, 2012
Singapore's Keppel Corp, the world's largest builder of offshore rigs, said Monday that it has invested $115 million (S$146 million) in oil and gas exploration and production company KrisEnergy.
Under the agreement, Keppel will own 20 percent of KrisEnergy.
Keppel said that it was attracted to KrisEnergy's oil and gas projects in the Cambodia, Indonesia, Thailand and Vietnam.
"As an investor, we believe that KrisEnergy's portfolio has long-term growth potential and could offer sustainable returns over the long run," said Keppel's CEO Choo Chiau Beng in a statement.
KrisEnergy has 14 offshore licenses in Cambodia, Indonesia, Thailand and Vietnam with certified proven reserves of 14.4 million barrels of oil equivalent as of December 2011.
The company holds working interests in three offshore producing licenses (B8/32 and B9A in Thailand, and the Glagah-Kambuna TAC in Indonesia), three offshore development licenses (Block A in Cambodia, and G10/48 and G11/48 in Thailand) and eight offshore exploration and appraisal licenses (Bulu, East Muriah, East Seruway, Kutai, Tanjung Aru and Udan Emas in Indonesia, and Blocks 105 and 120 in Vietnam).
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