"Cambodia is likely to opt for a 50-50 sharing agreement with Thailand to resolve the overlapping claim" - Sok AnPHNOM PENH, Nov 8 (Bernama) -- Malaysia is among dozens of countries vying for a share of oil and gas reserves in Cambodia.
The Indo-Chinese nation is expected to begin oil production in 2011, with an initial estimate of 700 million barrels in Block A.
Deputy Prime Minister Sok An said other bidders include China, France, Indonesia, Japan, Singapore and South Korea.
They have shown interest to drill oil and gas at Block A located 200km southwest of Sihanoukville, encompassing 6,278 sq km in total size area.
Currently, the US' Chevron is assessing the amount of commercial reserves, while there are also 27 more potential wells, he said.
Chevron discovered oil in 2005 off the Cambodian coast, southwest of Sihanoukville.
"We can only start production in the next decade as the processes from exploration to production take time.
"We need more studies to determine how to come out with the best formula between the companies and the government," he told the Cambodia Investment, Trade and Infrastructure conference here today.
Sok An also said there are several other potential areas, including an area of 27,000 sq km in the Gulf of Thailand, where Cambodia was involved in an overlapping claim with Thailand, as well as in Ton Sap Lake.
He said Cambodia is likely to opt for a 50-50 sharing agreement with Thailand to resolve the overlapping claim.
According to energy industry officials, the Cambodian Government is highly expected to back Chinese and American companies to undertake oil and gas productions, than regional players like Petronas and Thailand's PTT.
Petronas is currently operating two petrol stations in Cambodia.
Sok An said Cambodia was excited over the oil discovery as the country was now a net importer and was feeling the pinch of the high oil price, which was close to US$100 per barrel, with retail price above US$1 a litre here.
Besides oil and gas, Cambodia is also rich in minerals, among them are bauxite, gemstones, coal, gold and limestone.
Among companies engaged in the mining sector are world-class players like BHP Billiton and Oxiana.
8 comments:
Yes, let's make it so; that is 50/50 and done with it. It is not worth spoil our relationship with our neighbors. It is more important to have eternal peace and strength in the region. Together, we can make up the compromise easily.
Why not give away the fuckin lot. The 50% we keep will only go in the pockets of you know who.
It does matter who pockets it. They will eventually spend it and create job, job, job and make many people happy, happy, and happy.
correction: It doesn't matter who pockets it... .
6:17,
if it don't matter, the CPP should give to the poor; and when they spent job will also be created, by your logics.
But I say it DOES matter. Large sume of money sitting outside of Cambodia does not benefit the Cambodian people.
To 2.09PM
Yes, Cambodians love peace, but not at our expense. You must understand the implications behind this. I have not seen any data that suggest Thailand has an upperhand in this negotiation. The fact of the matter, we're in a better position than Thai in this regard.
To 6.17PM
I don't know what kind of education you have, but it sounds like that of vietnames origin. This is why: if larg sum of money go to the top 5% like HunSen or SokAn, the money would not be spent because their stomachs are already full. So yes, it does matter in every sense. If this fortune is spread throughout society to teachers, solidiers, polices, doctors, nurses...etc. The same money would likely be spent because these are the people with basic needs. Then jobs will be promoted.
To Sok An:
If you were going to endorse the deal anyway, please spend sometimes studying some seismic data first before signing it because if you got cheated, the Thai will sit in room with you and think that you're an idiot allowing them 50% while they should have nothing.
Chan,
2:08, stop dreaming. No one in their right mind would trade peace for expenses. What is is money when you are dead like in the 70's. Also, keep in mind the aftermath of the war is still with us right now. Don't you see it?
correction: ...What good is money when you are dead meat like in the 70's. ...
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