via CAAI News Media
Jan 29, 2010
Phnom Penh - US energy giant Chevron Corp has extended its offshore energy exploration deal with the Cambodian government, local media reported Friday, but the company provided no other details citing 'commercial reasons.'
'Chevron welcomes the ongoing opportunity to evaluate the Block A resource,' spokesman Gareth Johnstone told the Phnom Penh Post newspaper.
Block A, an area off Cambodia's coast in the Gulf of Thailand, is thought to be one of the nation's most promising areas for oil and gas exploration in the coming years.
Announcement of the deal after almost a year of negotiations with the Cambodian government puts an end to speculation that Chevron might quit the country.
The newspaper noted that Chevron has spent 125 million dollars and drilled 15 exploratory wells in Block A since 2002. The latest date for production, which has been pushed back several times, is 2013.
Chevron is one of many extractive companies that have been criticized in recent years for their refusal to say what they are paying for the rights to tap Cambodia's natural resources. Corruption is endemic in the impoverished South-East Asian nation, and there are concerns that any windfall from oil and gas revenues will be squandered.
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