Hot! Cambodia Targets Offshore Oil Output

Photo by James Brooks

Cambodia is expecting 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.

Even though Cambodia has a vast amount of untapped oil and gas resources, development has been slow after emerging from the Khmer Rouge rule.

Chevron has already drilled 18 wells at Block A off Cambodia’s coast, but has not yet reached full terms for development. Under a product-sharing agreement, the government will likely receive most of the revenue from the project.

Cambodia has already licensed blocks to state-run Vietnam Oil and Gas Group and Japan Oil, Gas a Metals National Corp. Until the government develops existing projects and the necessary infrastructure, it is unlikely to conduct a large licensing round.

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