Cambodia is set to start extracting oil from an offshore oilfield being developed in the Gulf of Thailand in October, a government official said Wednesday.
Cheap Sour, director general of the Mines and Energy Ministry, said that following the first extraction, commercial production of the oil from an area known as Block A in the Khmer basin will begin next year.
Singapore-based oil and gas company KrisEnergy Ltd., which holds a 95% stake in the area, is expected to produce 7,000 barrels of crude oil per day.
Cambodia, which holds the remaining interest in the area, expects to earn $780 million during a nine-year period from next year, according to the official.
Bloc A is one of several oilfields found off Cambodia and is located about 160km from Sihanoukville, a major Cambodian port southwest of Phnom Penh.
Chevron Corp, a US oil company, obtained the Block A licence in 2002 and sold it to KrisEnergy in 2016.
Source: Bangkok Post