Thursday, 1 July 2010

Cambodia says oil production set to begin on 12/12/12

via Khmer NZ News Media

PHNOM PENH, July 1 (AP) - (Kyodo)—The Cambodian government said Thursday the country's first oil production is expected to begin in December next year.

Giving speech to university students in Phnom Penh, Sok An, deputy prime minister and chairman of Cambodian National Petroleum Authority, said the "first drop of oil production" is set for Dec. 12, 2012, at 12 a.m.

Sok An did not say which company is expected to produce the oil, nor did he disclose the anticipated volume of production.

Earlier this month, however, Prime Minister Hun Sen pressed the U.S. oil giant Chevron Corp. to commence oil production by 2012 or face termination of its contract for an offshore site.

Chevron operates and has a 30 percent interest in Cambodia's Block A, an area covering 4,709 square kilometers in the Gulf of Thailand.

Earlier this year, Chevron said the commerciality of prospects identified in prior years was still being evaluated, while it had been granted an extension for exploration in Block A to the third quarter 2010 in exchange for the obligation to drill more three exploration wells.

Since its operations in Cambodia first began in 2002, it has drilled at least 15 exploratory wells in the block and spent more than $100 million on seismic data, according to the company.

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