Wednesday, November 05, 2008

Cambodia's first oil unlikely before 2010

Looks like it will a few more years, at least, before Cambodia sees any oil...



- "U.S. major Chevron Corp has yet to submit a plan for what was slated to be Cambodia's first oil development, a senior Cambodian official said on Tuesday, which would mean first oil is unlikely until the next decade."

- "Chevron issued last year a downbeat assessment of the offshore block, after a second drilling campaign showed the block presented challenges, with hydrocarbons being dispersed rather than in one core field."

- "Cambodia has since toned down its oil ambitions and initial estimates of 400-700 million barrels are no longer discussed."

- "Cambodia is keen to attract investors to develop both the upstream and downstream sectors, as it has no refinery and imports about 1 million tonnes of refined products a year."

- "The lack of geological data has limited interest in onshore blocks, with several yet to find takers."

- "But offshore, the continued border dispute with Thailand is preventing exploration in some areas."

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