KrisEnergy Ltd, Singapore-based upstream oil and gas company, has agreed to buy Chevron Corp's interest in Block A offshore Cambodia at a cost of 65 million USD.

In a statement dated Aug. 11, KrisEnergy said that it plans to acquire all issued shares of Chevron Overseas Petroleum ( Cambodia ) Ltd, a subsidiary of the global oil company, and to take over as the block's operator.

Once the deal is completed, KrisEnergy will increase its stake in Block A, located in the Gulf of Thailand , from 25 percent to 52.25 percent.

The firm intends to work with the Cambodian authorities on the terms and conditions of the production licence before declaring a final investment decision.

KrisEnergy estimates that the project will reserve about 5.4 million barrels of oil equivalent.-VNA