Cambodia, Thailand to discuss claims over area with huge oil and gas deposits

PHNOM PENH: The Cambodian government is ready to discuss with Thailand on overlapping claims on an area that holds huge oil and gas deposits in the Gulf of Thailand. Cambodia's Ministry of Mines and Energy director-general for petroleum Cheap Sour said the country was ready to negotiate with the Thai side on the 26,000 sq km Overlapping Claim Area (OCA), which has been a point of contention between them since the early 1970s.

Estimated to hold up to 500 million barrels of oil and gas deposits under the seafloor, the countries hope to jointly develop the area and capitalise on its resources.

His remarks come after it was reported that Thailand's Energy Regulatory Commission secretary-general Khomgrich Tantravanich suggested policymakers of both countries be vocal and establish a clear direction for joint development of the OCA.

A memorandum of understanding to jointly explore the OCA was signed in 2001 but it was later shelved by the Thai government in 2009. Since then, calls to rekindle negotiations on oil and gas development in the region have been made several times. According to the Bangkok Post, Khomgrich said Thailand needed to secure more gas supplies for electricity generation in the country.

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