Chevron to Start Producing Oil in Cambodia in 2011
Xinhua News Agency 3/28/2008
The Cambodian government estimates that U.S. oil giant Chevron will be
able to recover 15 to 20 percent of the estimated 500 million barrels
of oil in its offshore exploration block, starting in 2011, national
media said on Friday.
Engineering plans for how to extract the oil and get it to shore, as
well as details of Chevron's commercial terms, are still being worked
out, Te Duong Tara, secretary general of the Cambodian National
Petroleum Authority (CNPA), told English-Khmer language newspaper the
Cambodian Daily at an industry seminar here on Thursday.
Chevron, which along with minority partners Mitsubi**** and GS Caltex
controls off-sea Block A, has remained mum about the size of its find
and when and if it will commence commercial exploration.
Chevron signed a revenue-sharing agreement with the Cambodian
government in 2003, the terms of which are now under renewed
negotiations.
Some dozen foreign drillers are now searching for oil and natural gas
in six defined blocks in off-sea Cambodia.
Chevron once claimed it had found the resource in its test wells,
while other drillers still remained silent.
Experts used to put the potential reserves of oil in offshore Cambodia
at two billion barrels, but the Cambodian government usually appeared
unsure of various estimates.
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