KrisEnergy Ltd. revealed Wednesday that production at its operated Wassana oil field in Thailand has been suspended until further notice.
The company outlined that the decision to suspend the field was made due to the “many uncertainties” ahead, including the duration of the pandemic, the speed of global economic regeneration and recovery in petroleum demand and the magnitude and sustainability of any upturn in oil prices.
As a result of the suspension of Wassana production, KrisEnergy said it will reduce its workforce in Thailand by approximately 25 percent.
The Wassana field in the G10/48 concession in the Gulf of Thailand came onstream in August 2015 and comprises a mobile offshore production unit and a floating storage and offloading vessel. Agreements with respect to the FSO have been terminated and KrisEnergy said it is in discussion regarding the warm-stacking of the MOPU with a skeleton crew.
KrisEnergy holds an 89 percent working interest in the G10/48 concession and Palang Sophon Offshore holds the remaining 11 percent stake in the asset. Gross production at the Wassana oil field averaged 3,605 barrels of oil per day in the first quarter of this year.
Operations at the group’s remaining producing assets – the B8/32 oil and gas fields in the Gulf of Thailand and the Bangora gas field in Block 9, onshore Bangladesh – continue as usual, the company noted.
KrisEnergy is an independent upstream company focused on the exploration, development and production of oil and gas in Southeast Asia. The company, which was established in 2009, is headed by executive director and chief executive officer Kelvin Tang.
In August last year, KrisEnergy applied to the High Court of Singapore to commence a court-supervised process to reorganize its liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors against the company.
To contact the author, email andreas.exarheas@rigzone.com
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