Cambodia Oil Project Invest Decision Likely 1Q '08 -Chevron Executive
BEIJING -(Dow Jones)- Chevron Corp. (CVX) is in the "very late stages" of evaluating oil fields discovered offshore Cambodia in 2004 and may make a decision on their development within three months, a senior executive said Tuesday.
"Probably I would expect some decisions coming out of Chevron in the first quarter or so of 2008 about what our go-forward plans are," said Stephen Green, chief executive of Chevron's South Asia unit.
Oil is distributed over a wide area in the 6,278 square-kilometer Block A, which is around 200 kilometers off the coast of Cambodia, rather than a single pool, Green said.
This adds to the challenge of drawing up a viable development concept for the fields, said Green.
Meetings will take place with the Cambodian government and project partners before a final investment decision is made, he said.
In a recent report, the International Monetary Fund forecast recoverable reserves from the Chevron discoveries at 500 million barrels, with the first of three fields entering production in 2011.
The IMF predicted a $15 billion windfall for the Cambodian government from royalties and taxes over the life of the fields.
By David Winning, Dow Jones Newswires; 8610-65885848; david.winning@ dowjones.com
"Probably I would expect some decisions coming out of Chevron in the first quarter or so of 2008 about what our go-forward plans are," said Stephen Green, chief executive of Chevron's South Asia unit.
Oil is distributed over a wide area in the 6,278 square-kilometer Block A, which is around 200 kilometers off the coast of Cambodia, rather than a single pool, Green said.
This adds to the challenge of drawing up a viable development concept for the fields, said Green.
Meetings will take place with the Cambodian government and project partners before a final investment decision is made, he said.
In a recent report, the International Monetary Fund forecast recoverable reserves from the Chevron discoveries at 500 million barrels, with the first of three fields entering production in 2011.
The IMF predicted a $15 billion windfall for the Cambodian government from royalties and taxes over the life of the fields.
By David Winning, Dow Jones Newswires; 8610-65885848; david.winning@ dowjones.com
3 comments:
Can CPP next generation ejoy it in the near future or Just Hun Xen's next generatio?
CPP next generation look how your parent get stress and beg and steal for a living? Do you want to be like your parent have no choice but to betray your own children future?
From a khmer in France.
All the revenue of the natural resources such as Oil, gaz, forest ... must go to the Khmer nation in order to reduce the poverty.
our beloved countrymen suffer so much since 1973 and it is time to let them enjoy the life.
AMERICA-JAPAN-CAMBODIA,that's sound perfect,friends ship.in buseniss partner."ANANIKUM AMERICA RULES!"
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