SINGAPORE, April 16 (Reuters) - Cambodian offshore oil exploration Block D holds an estimated 227 million barrels of recoverable oil reserves, its Chinese operator said on Monday.
Cambodia hopes to begin pumping oil from offshore fields in the Gulf of Thailand in two years, although it has yet to confirm reserves estimated at 400-700 million barrels in Block A, being explored by U.S. oil major Chevron Corp .
On Monday, China Petrotech Holdings Limited said it had completed a 3-D seismic survey of Block D, data from which received a favourable review by the Exploration and Production Research Institute of CNOOC Bohai Corporation.
That review estimated recoverable reserves of 226.9 million barrels of crude and 496 billion cubic feet of natural gas.
"CPHL Cambodia will draw up an exploration plan over the next few months before it embarks on the first exploration well drilling programme," the Singapore-listed firm said in a statement.
Chevron has drilled at least 13 exploration wells in nearby Block A, but has yet to release any results. It holds 55 percent of the zone, with Japan's Mitsui Oil Exploration Co holding 30 percent and South Korea's LG-Caltex another 15 percent.
Cambodia hopes to begin pumping oil from offshore fields in the Gulf of Thailand in two years, although it has yet to confirm reserves estimated at 400-700 million barrels in Block A, being explored by U.S. oil major Chevron Corp .
On Monday, China Petrotech Holdings Limited said it had completed a 3-D seismic survey of Block D, data from which received a favourable review by the Exploration and Production Research Institute of CNOOC Bohai Corporation.
That review estimated recoverable reserves of 226.9 million barrels of crude and 496 billion cubic feet of natural gas.
"CPHL Cambodia will draw up an exploration plan over the next few months before it embarks on the first exploration well drilling programme," the Singapore-listed firm said in a statement.
Chevron has drilled at least 13 exploration wells in nearby Block A, but has yet to release any results. It holds 55 percent of the zone, with Japan's Mitsui Oil Exploration Co holding 30 percent and South Korea's LG-Caltex another 15 percent.
7 comments:
HAPPY SHIHANOUK!
Why it is that everyone seems so
happy with this oil. Have you guys
do the math on the estimate amount
yet?
Okay, assuming the market value
is 65USD per barrel; accordingly,
227 millions barrel worth 65 X 227
millions = 14.75 billions USD.
How long do you think that is
going to last, considering
Afganistan got nearly 90 billions
USD for reconstruction of their
country, not to mention that the
expert will get a piece of pie
for helping us get the oil out
of the ground, refined it and
deliver it to the buyers.
Only the Cambodian Government is happy, more loop holes for them to grab.
CC, California
Well, they have to have something
to run the country. Many Police
officers is overdued with proper
salaray for the sacrifices that
they made for the country, ...
To the idiot poster of 3:07, thats only an estimate of one block and you only counted the oil and not the gas. I hope you know that the gas is worth more than the oil. There are a total of more than 20 blocks. Redo your calculations or read other sources because your math is retarded.
Hey, I did estimated for all the
blocks once already, and I
remembered it was a bit shy to
to rebuild the Gulf area that
was hit by Katrina that is less
populated than Cambodia. Had
New Orlean been hit by B52 bombers
as Cambodia did, that money aint
going to cover shit. As for the
gas, I will do that once I have
a chance to find out what the
market price is. I don't use gas
here, hehehe.
I think that when America interested in the oil and gas in Cambodia then the Human Rights and political disrcimination will reduce from the eyes of America because of its business with the detator Cambodian government. So anyways, the justice quality, the rule of law, the human rights issue will be less talk and less forcus. Let see, what will happen then. The war will start between Cambodian and American or between China and American or Vietnamese.
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