Cambodia has begun extracting its first crude oil from the Gulf of Thailand – a development that Prime Minister Hun Sen called a “blessing” as observers demanded transparency over revenue in order to avoid the “oil curse” that has riled other major producing nations. The first drop was extracted from the “Block A” concession on […]
Singapore based oil and gas firm KrisEnergy said on Wednesday that financial setbacks will not affect its plan to produce Cambodia’s first oil by 2020 as scheduled, after being granted a three-month moratorium by a Singaporean court to give the company “breathing space” to restructure its $476-million debt.
An oil exploration license is expected to be signed “soon” with a Chinese company for the exploration of Block D in the Gulf of Thailand, a government spokesman said on Thursday. Block D is a 5,500-square-kilometer concession formerly licensed to Cambodian firm CPHL. The previous license was revoked in 2016, reportedly due to failure to meet the terms of the agreement.