PHNOM PENH - Cambodia has postponed its oil production predictions by four years, backing away for the first time from its claims that oil would begin flowing by this year.
Cambodia is working with a number of multinational and national companies, including Chevron, to develop offshore blocks of oil.
The International Monetary Fund estimates Cambodia has some 500 million barrels of oil in offshore blocs in the Gulf of Thailand.
Officials say Cambodia has much more to do to prepare for the oil—and the revenue it would bring—including laws on taxation and regulation.
“And we also need to work with Chevron before we can get a final investment decision from the company,” said Men Den, director of operations for the Cambodia National Petroleum Authority.
Alex Yelland, spokesman for Chevron said the company was working with Cambodia to reach “a final investment decision at the earliest possible date.”
Advocates for proper use of natural resources welcomed the delay.
“The time can allow Cambodia to work on oil and gas transparency,” said Mam Sambath, head of Cambodians for Resource Revenue Transparency.
Cambodia is working with a number of multinational and national companies, including Chevron, to develop offshore blocks of oil.
The International Monetary Fund estimates Cambodia has some 500 million barrels of oil in offshore blocs in the Gulf of Thailand.
Officials say Cambodia has much more to do to prepare for the oil—and the revenue it would bring—including laws on taxation and regulation.
“And we also need to work with Chevron before we can get a final investment decision from the company,” said Men Den, director of operations for the Cambodia National Petroleum Authority.
Alex Yelland, spokesman for Chevron said the company was working with Cambodia to reach “a final investment decision at the earliest possible date.”
Advocates for proper use of natural resources welcomed the delay.
“The time can allow Cambodia to work on oil and gas transparency,” said Mam Sambath, head of Cambodians for Resource Revenue Transparency.
