PHNOM PENH, 23 November 2012 (The Cambodia Herald) - Chevron Oil and Gas Co has delayed
offshore oil drilling in Cambodia until 2016 mainly because of the
economic slowdown in the United States, a senior lawmaker says.
Cheam Yeap, chairman of the National Assembly Commission on Economy, Finance, Banking and Audit, said inadequate human resources was another factor.
Speaking at a youth forum Thursday, he also said that the government needed time to study the agreement as Cambodia does not yet have a petroleum and gas management law or a tax law for oil revenues.
Chevron discovered oil off the coast of Cambodia in 2004. Drilling has twice been delayed until 2010 and 2012.
Cheam Yeap said that oil and gas revenues would be used to ensure long-term economic growth and reduce poverty.
The IMF says Chevron's drilling in Block A from 2012 to 2020 is expected to generate annual revenues of $1.8 billion. Block A is estimated to have 700 million barrels.
Cheam Yeap, chairman of the National Assembly Commission on Economy, Finance, Banking and Audit, said inadequate human resources was another factor.
Speaking at a youth forum Thursday, he also said that the government needed time to study the agreement as Cambodia does not yet have a petroleum and gas management law or a tax law for oil revenues.
Chevron discovered oil off the coast of Cambodia in 2004. Drilling has twice been delayed until 2010 and 2012.
Cheam Yeap said that oil and gas revenues would be used to ensure long-term economic growth and reduce poverty.
The IMF says Chevron's drilling in Block A from 2012 to 2020 is expected to generate annual revenues of $1.8 billion. Block A is estimated to have 700 million barrels.
2 comments:
Chevron has it reason to slow down after Obama's visit to The Asean Summit.
This was due to all the stupid human rights BS. If they didn't open their sticky mouth and charge the government, more US businesses would come and make Cambodian better lives. All these short-sighted oversea losers are the fault.
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