PHNOM PENH (Xinhua) -- Falling oil prices are likely to delay US oil giant Chevron's development of Block A near southwestern Cambodia, English-language daily newspaper the Phnom Penh Post said on Thursday.
The company has already finished exploration of the off-shore concession, but won't begin production until at least 2012, said the paper.
Chevron was now playing a waiting game in Cambodia after seeing oil prices plummeted in the past 6 months, the paper quoted Hang Chuon Naron, secretary general at the Ministry of Economy and Finance, as telling a trade and investment forum here on Wednesday.
"At this stage, Chevron has finished exploration in Block A. If they decide to move on with development now, (first) production will be in 2012," he said, predicting of $200 million of oil revenues for the same year.
However, Chevron was likely to wait longer to begin oil production from the concession, "because the oil prices are in crisis," he said.
"Therefore, production will be in 2014 or 2015. That depends on the oil prices. Everything depends on the oil prices," he added.
The oil and natural gas resources of Cambodia are found concentrated in its off-shore area near the southwestern tip of its territory.
This area has been divided into 6 blocks for a dozen of foreign companies to explore and develop. None of them starts production yet.
The company has already finished exploration of the off-shore concession, but won't begin production until at least 2012, said the paper.
Chevron was now playing a waiting game in Cambodia after seeing oil prices plummeted in the past 6 months, the paper quoted Hang Chuon Naron, secretary general at the Ministry of Economy and Finance, as telling a trade and investment forum here on Wednesday.
"At this stage, Chevron has finished exploration in Block A. If they decide to move on with development now, (first) production will be in 2012," he said, predicting of $200 million of oil revenues for the same year.
However, Chevron was likely to wait longer to begin oil production from the concession, "because the oil prices are in crisis," he said.
"Therefore, production will be in 2014 or 2015. That depends on the oil prices. Everything depends on the oil prices," he added.
The oil and natural gas resources of Cambodia are found concentrated in its off-shore area near the southwestern tip of its territory.
This area has been divided into 6 blocks for a dozen of foreign companies to explore and develop. None of them starts production yet.
1 comment:
If you voted for CPP (Cambodian People's Party):
Also known as:
Communist People's Party
Khmer Rouge People's Party
Khmer Krorhorm People's Party
You're support the killing of 1.7 million innocent Khmer peoples.
You're support the killing of innocent men, women and children in Cambodia on March 30, 1997.
You're support murder of Piseth Pilika.
You're support assassination of journalists in Cambodia.
You're support political assassination and killing.
You're support attemted assassination and murder of leader of the free trade union in Cambodia.
You're support corruption in Cambodia.
You're support Hun Sen Regime burn poor people's house down to the ground and leave them homeless.
These are the Trade Mark of Hun Sen Regime.
Hun Sen, Chea Sim and Heng Samrin are Khmer Rouge commanders.
When is the ECCC going to bring these three criminals to U.N. Khmer Rouge Trail?
Khmer Rouge Regime is a genocide organization.
Hun Sen Regime is a terrorist organization.
Hun Sen Bodyguards is a terrorist organization.
Hun Sen Death Squad is a terrorist organization.
Cambodian People's Party is a terrorist organization.
I have declare the current Cambodian government which is lead by the Cambodian People's Party as a terrorist organization.
Whoever associate with the current Cambodian government are associate with a terrorist organization.
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