Cambodia: First Oil Development After 2010
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Tuesday, 04 November 2008 |
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Chevron Corp has to submit a plan for what was slated to be
Cambodia's first oil development, a senior Cambodian official said
which would mean first oil is unlikely until the next decade.
"Chevron is planning to do more exploration and appraisal. By the
end of the year, they will submit a development plan," Ho Vichit,
vice-chairman of state-owned Cambodian National Petroleum Authority
(CNPA) told reporters.
The time lag between a development plan and first oil is usually at
least a year and often take several years. But Ho said the field
would be developed, rejecting the suggestion that development could be
shelved.
Cambodia has s toned down its oil ambitions and initial estimates of
400-700 million barrels are no longer discussed. "We are still at
the early stages of development," Ho said, when discussing plans to
establish a national oil company.
For the time being, CNPA, which is regulatory body, acts as the
government's representative in contracts. Cambodia is keen to attract
investors to develop both the upstream and downstream sectors, as it
has no refinery and imports about 1 million tonnes of refined products
a year.
PetrolWorld 041108
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