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Blocks fall as oil interest dries up


geovalin

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Cambodia's plan to become an oil-producing nation rests almost entirely on its development of offshore Block A, as depressed global oil prices have discouraged companies from investing in exploration activities and all but two of the Kingdom’s concession licences have been revoked or allowed to expire.

 

“When oil prices decline heavily, it makes many oil exploration companies hesitate and put their projects on hold,” Meng Saktheara, secretary of state at the Ministry of Mines and Energy, said yesterday.

 

Cambodia has divided the country and its territorial waters into a total of six offshore oil blocks and 19 onshore blocks for oil and gas exploration. It has also assigned blocks in the Overlapping Claims Area (OCA), a disputed maritime territory covering nearly 27,000 square kilometres in the Gulf of Thailand.

 

read more http://www.phnompenhpost.com/business/blocks-fall-oil-interest-dries

 

 
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-- © Copyright Phenom Pen Post 08/09
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