Thursday, September 27, 2012

After selling the country, now Hun Xen is ready to sell offshore oil also

Cambodia Aims for Offshore Production Next Year

September 26, 2012
By JACOB GRONHOLT-PEDERSEN
The Wall Street Journal

The Cambodian government expects U.S. oil major Chevron Corp. to begin developing the country's first offshore oil field early next year, and hopes the nation will become a regional hot spot for oil and gas investment, a government official said Wednesday.

Cambodia has vast untapped oil and gas resources both on land and offshore, but development has been slow as the country has emerged from the genocidal rule of the Khmer Rouge and decades of war.

Chevron discovered commercial resources at Block A off Cambodia's coast, raising hopes that oil revenue would soon flow into the coffers of one of the world's poorest countries. The company has drilled 18 wells at the block, but reaching terms for developing the field has been slow.

"Cambodia does not yet have all the relevant laws and regulations in place," Sok Khavan, acting director-general of the Cambodian National Petroleum Authority, said in an interview. "We are very close to finalizing this discussion and hope to have an agreement by the end of the year, so that development can start [next year]."


Under a production-sharing agreement, the government will likely receive most of the revenue from the project, though the exact percentage varies with factors including the price of oil and production and development costs, he said.

"From our analysis, the government's share should not go much below 70% and will be close to 80% in case of high oil prices," he said.

Chevron has said it expects to make a final investment decision on the project this year, but is awaiting the government production permit. Chevron holds a 30% stake in the block—its partners are Mitsui 8031.TO -0.54%& Co., KrisEnergy Ltd. and GS Caltex Corp.—and acts as operator of the project.

"We continue to work with the government of Cambodia to obtain project approvals to achieve a final investment decision at the earliest possible date," a Chevron spokesman said.

Onshore, Cambodia has licensed blocks to state-run Vietnam Oil and Gas Group, or PetroVietnam, and Japan Oil, Gas and Metals National Corp., or Jogmec, but despite abundant resources, the government is unlikely to conduct a big licensing round until it develops existing projects and the necessary infrastructure, Mr. Khavan said.

"At the moment we are trying not to bite off more than we can chew," he said. Cambodia has yet to resolve a maritime territorial dispute with Thailand. The area in question covers 26,000 square kilometers and holds potential reserves of 12 trillion to 14 trillion cubic feet of natural gas and an unspecified amount of oil, Mr. Khavan said.

The two governments were close to a deal in 2000 but domestic political issues in each country disrupted the process, he said.

"Only recently, the two governments have been optimistic that the issue can be resolved," said Mr. Khavan. "But the big issue is how revenues should be split."

1 comment:

Anonymous said...

The money he earned from illegally selling the lands, sea, forest, etc., will be help as a frozen. Cambodia was not belong to him and he invited the Yuon/Viet masters to send the Yuon troops along with Khmer Krom soldiers to fight against Pol Pot and then he took the opportunity to be PM with the help from his evil Communist Yuon/Viet masters to protect him and install him as a strong man. How stupid and dumb Hun Sen is? This stupid PM Hun Sen illegally installed by his Communist Viet/Yuon masters agreed to allow illegal Yuon/Viet settlers to flood into Cambodia land, Koh Tral island after Mr. Penn Sovan (former PM) was ousted and arrested by his evil Yuon/Viet masters in Hanoi.

Hun Sen, Heng Samrin, Chea Sim, Hor Nam (5) Hong, Keat Chon and more others were secretly Yuon/Vietminh Rouges hiding among Khmer Rouges uniforms plus the hidden Yuon/Vietnamese secret agents (real murders/killers) among the Khmer Rouges socient or regime. There are many good Khmer Rouges armies with Pol Pot were not killers, but they were sent to South to fight against the South Vietcong/Vietminh Rouges to take Khmer Krom/South Yuon/Vietnam (Southern Cambodia) while secret Yuon/Vietnamese agents and Khmer Vietminh and Vietminh Rouges were so busy to kill higher educated Khmer people, monks, children, and beyond.

That is a true story that had not been heard by all Khmer people and foreigners around the world.

Yuon/Vietnamese masters, Yuon CPP officials and supporters, Hun Sen, illegal Yuon/Vietnamese settlers in Cambodia/Srok Khmer are very dangerous to these days. We need to have the UN and International Communities to be aware of these kinds of secret dirty plans from CPP (Vietnam/Yuon masters' tools from Hanoi) and Yuon/Vietnamese masters in Hanoi.

Khmer people and bloggers on Ki-Media and everywhere, please wake up and make your voice be heard every where around the world.

Thanks for your hard works and sacrifices.