Phnom Penh, Jul 12, 2008 (Asia Pulse Data Source) -- Singapore Petroleum Company Ltd (SPC) has begun oil and gas exploration activities offshore Cambodia, according to local media.
The well is the first in Block B, about 160 km southwest of Sihanoukville. Drilling to test the hydrocarbon potential is expected to take about 15 days since July 8, the company said in a statement.
In March, US energy giant Chevron announced oil in Block A offshore the Sihanoukville after conducting six exploration drillings. The Cambodian National Petroleum Agency estimated oil reserves in the well of up to 500 million barrels.
Cambodia's oil reserves are estimated up to 2 billion barrels and gas to 10,000 cubic metres, according to the World Bank, Harvard University and prestigious organistions.
The well is the first in Block B, about 160 km southwest of Sihanoukville. Drilling to test the hydrocarbon potential is expected to take about 15 days since July 8, the company said in a statement.
In March, US energy giant Chevron announced oil in Block A offshore the Sihanoukville after conducting six exploration drillings. The Cambodian National Petroleum Agency estimated oil reserves in the well of up to 500 million barrels.
Cambodia's oil reserves are estimated up to 2 billion barrels and gas to 10,000 cubic metres, according to the World Bank, Harvard University and prestigious organistions.
4 comments:
Good News, and hope they'll find billions and billions of barrels of oils!
Good luck, Singapore!
People! don't be so optimistic! Oil riches might not be a blessing yet a curse.
A politics of oil often involves power, which has caused some parts of the world to be in a state of unrest and disorder. Resource riches do not always bring blessings; they might be a curse because of internal and external factors. Such a causal link between resource riches and conflicts may exacerbate poor diplomatic ties while social complications and environmental issues are obvious. These days, economic power seems to influence politics in many countries.
Government organizations should find ways to adapt to the changing need of society. Society is increasingly demanding more goods and services. Failure to recognize the importance of integrity and cooperation between stakeholders might contribute to public mismanagement and fiduciary risks. Cambodia’s future prosperity depends, to a great extent, upon a transparent government that does not breach fiduciary duties. Good management practices such as the EITI, fiscal transparency and public expenditure management should be the Cambodia’s government guiding principles.
I believe such an effort is always overlooked because transparent government means a death threat to Cambodia's ruling elites.
Jasmina, Wellington, NZ.
Of course, the new exploration of oil will be a curse (not blessing)--just like Nigeria.
Give us a chance!
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