Talks Urged for Disputed Oil Zone

Energy planners are pushing the revival of talks with Cambodia on the oil-rich overlapping claims area (OCA) between the two countries to ensure energy security. They also urge all parties not to turn it into a political issue so that the talks stand a chance of getting off the ground. In recent years, less-than-smooth relations between the two countries have prevented the issue from being raised. “In principle, energy planners are eager to see progress, as we’re all aware our gas reserves are going to be depleted over the next 15-18 years,” said an Energy Ministry source. “Without prior preparation for new petroleum reserves, Thailand will likely be in trouble, given the growing rate of consumption.” A source insisted the plan has nothing to do with Thai politics. The OCA is a 27,000-square-metre offshore area estimated to contain 11 trillion cubic feet of natural gas and unknown quantities of condensate and oil. The OCA is defined by the Cambodian claim of 1972 (western boundary line) and the Thai claim of 1973 (eastern boundary line), as well as the 1991 Cambodian-Vietnam maritime border (southern boundary). Cambodia and Thailand signed a memorandum of understanding in June 2001 under the Thaksin Shinawatra administration. They agreed in principle that a joint development regime could be established over the southern two-thirds of the claims area, which spans 27,000 sq km, while the northern third could be developed once the maritime border was delineated. Agreements on overlapping claims were almost reached when the 2006 coup toppled the Thaksin government.

http://www.bangkokpost.com/business/economics/253345/talks-urged-for-disputed-oil-zone