Cambodia Aims for Offshore Production Next Year
The Cambodian government expects U.S. oil major Chevron Corp. CVX -0.53%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, a government official said Wednesday… Chevron discovered commercial resources at Block A off Cambodia’s coast, raising hopes that oil revenue would soon flow into the coffers of one of the world’s poorest countries. The company has drilled 18 wells at the block, but reaching terms for developing the field has been slow. “Cambodia does not yet have all the relevant laws and regulations in place,” Sok Khavan, acting director-general of the Cambodian National Petroleum Authority, said in an interview. “We are very close to finalifinalizing this discussion and hope to have an agreement by the end of the year, so that development can start [next year]”…
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