Chevron to develop Cambodia’s oil sector

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US oil giant Chevron will start developing Cambodia’s first offshore oil field early next year and begin tapping the country’s vast oil resources, making the Southeast Asian nation a new regional hot spot for oil and gas investment.

Sok Khavan, director general of the Cambodian National Petroleum Authority, told media at the Oil and Gas Investor Summit in Singapore last month that the country is “on fast track” with its oil development, referring to oil exploration in Block A off the coast of Cambodia in the Gulf of Thailand, operated by Chevron Corp. in partnership with Mitsui, KrisEnergy and GS Caltex.

Chevron has so far drilled 18 wells at the block comprising 1.2 million acres. The Cambodian government is expecting to receive 70 to 80 per cent of the future oil revenue from the bloc.

Currently, Cambodia relies on Singapore, Thailand and Vietnam for its oil imports. With its own oil resources exploited, the country’s gross domestic product, which stood at about $13 billion in 2011, is expected to increase five-fold by 2030, according to Khavan.

Onshore, Cambodia has licensed blocks to PetroVietnam and Japanese oil company Jogmec, but the blocks are lacking the necessary infrastructure to move ahead with drilling.

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Reading Time: 1 minute

Click to enlarge

US oil giant Chevron will start developing Cambodia’s first offshore oil field early next year and begin tapping the country’s vast oil resources, making the Southeast Asian nation a new regional hot spot for oil and gas investment.

Reading Time: 1 minute

Click to enlarge

US oil giant Chevron will start developing Cambodia’s first offshore oil field early next year and begin tapping the country’s vast oil resources, making the Southeast Asian nation a new regional hot spot for oil and gas investment.

Sok Khavan, director general of the Cambodian National Petroleum Authority, told media at the Oil and Gas Investor Summit in Singapore last month that the country is “on fast track” with its oil development, referring to oil exploration in Block A off the coast of Cambodia in the Gulf of Thailand, operated by Chevron Corp. in partnership with Mitsui, KrisEnergy and GS Caltex.

Chevron has so far drilled 18 wells at the block comprising 1.2 million acres. The Cambodian government is expecting to receive 70 to 80 per cent of the future oil revenue from the bloc.

Currently, Cambodia relies on Singapore, Thailand and Vietnam for its oil imports. With its own oil resources exploited, the country’s gross domestic product, which stood at about $13 billion in 2011, is expected to increase five-fold by 2030, according to Khavan.

Onshore, Cambodia has licensed blocks to PetroVietnam and Japanese oil company Jogmec, but the blocks are lacking the necessary infrastructure to move ahead with drilling.

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