PHNOM PENH (AFP) -- Cambodian petroleum officials said Friday they hoped to have an accurate estimate of the country's new-found oil reserves by August amid conflicting numbers supplied by foreign oil companies.
Between 400 million and 700 million barrels of oil are thought to be under the Gulf of Thailand off Cambodia's southern coast in an oil field known as Block A, the only one of six demarcated areas that has been tapped.
Several companies with exploration rights have offered up widely diverging estimates, said Te Duong Tara, director general of the Cambodian National Petrol Authority.
"All the different numbers only come from the oil exploration companies, while the World Bank recently estimates Cambodia's total offshore oil potential at up to 2 billion barrels," he said at the end of week-long conference.
"It's only an estimate -- it's not the exact amount. The real figure will be known after all data is collected (in August)," he added.
Cambodia created a buzz in the oil sector in 2005 when petroleum was discovered by the US energy giant Chevron Corp off the country's coast, which struck black in four of five test wells.
Since then, firms from France, South Korea and Japan are reportedly seeking exploration licenses, while China's state-owned oil company CNOOC is also negotiating with the Cambodian government,officials said.
The discovery of oil, as well as millions of cubic meters of natural gas, has raised hopes of an economic re-birth for Cambodia,which is impoverished after decades of civil war. Some 35 percent of the country's 14 million people live in poverty.
But officials have warned that production might not start for years, and Te Duong Tara urged the country's donors to help the country tap this resource.
"Cambodia still suffers from a lack of money and human resources for drilling wells, so that I would like to appeal to all donors to help support us for both financially and technically," he said.
Between 400 million and 700 million barrels of oil are thought to be under the Gulf of Thailand off Cambodia's southern coast in an oil field known as Block A, the only one of six demarcated areas that has been tapped.
Several companies with exploration rights have offered up widely diverging estimates, said Te Duong Tara, director general of the Cambodian National Petrol Authority.
"All the different numbers only come from the oil exploration companies, while the World Bank recently estimates Cambodia's total offshore oil potential at up to 2 billion barrels," he said at the end of week-long conference.
"It's only an estimate -- it's not the exact amount. The real figure will be known after all data is collected (in August)," he added.
Cambodia created a buzz in the oil sector in 2005 when petroleum was discovered by the US energy giant Chevron Corp off the country's coast, which struck black in four of five test wells.
Since then, firms from France, South Korea and Japan are reportedly seeking exploration licenses, while China's state-owned oil company CNOOC is also negotiating with the Cambodian government,officials said.
The discovery of oil, as well as millions of cubic meters of natural gas, has raised hopes of an economic re-birth for Cambodia,which is impoverished after decades of civil war. Some 35 percent of the country's 14 million people live in poverty.
But officials have warned that production might not start for years, and Te Duong Tara urged the country's donors to help the country tap this resource.
"Cambodia still suffers from a lack of money and human resources for drilling wells, so that I would like to appeal to all donors to help support us for both financially and technically," he said.
5 comments:
I am so worried about Cambodian leadership even it seems they are trying hard to make it work. There are good reasons to be worried based on their past history. They build their record and it is not the one to be trust worthy. I would encourage all appropriate organizations to get involve each step of the way. Corruption and making the best of it seem the most concern from me.
I am more wory about the trouble
makers who caused instabilities
in the regions and crippling all
of us from benefitting from
our wealth, whatever it may be.
Look at the Iraq: the instability
there will cost them trillions USD
for the next 40-50 years, because
now they have to buy and upgrade
their warfare system from the US
just to remain safe from their
neighbors. I hope they have
trillions and trillions of barrels
of oil. Otherise, they will be
dead meat.
With all power and guns killing machine who can always cause troubles with the help from the thieves neighbors why are these thieves/killers still complaint?
Isn't the thieves/killers always do in Cambodia?
Of course there are some thieves
and killers everywhere, but I
don't hear them complaining. Your
ear must be ringing or something.
You better get a check up, buddy.
He talked about your master (the yuon),empty head.
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