PM Announces Collapse of First Oil Drilling Industry

Cambodia Prime Minister Samdech Hun Sen on Sunday announced the collapse of Cambodia’s first crude oil extraction operated by KrisEnergy.

The announcement comes after the company announced its liquidation in June due to the debt crisis. (Read more)

Speaking at the opening ceremony of the COVID-19 vaccination campaign for 12- to 17-year-olds, PM Hun Sen said the company is bankrupt and ran away with a ship full of oil.

“They [KrisEnergy] left Cambodia with a ship full of the first crude oil. We took action quite late, now the ship has already reached Thai territory. They have their lawyers. They have rented a ship waiting there. Now, it took all the crude oil away,” said PM Hun Sen.

However, the Prime Minister stated that the government will continue to constantly promote the exploration of oil and gas as Cambodia still has many high potential blocks of oil and gas.

Cambodia announced the pumping of the first drop of crude oil on 29 December 2020. As planned, the company expected to produce 7,500 barrels per day, but only around 1,000 barrels were able to be extracted per day. (Read more)

- Video Advertisement -

Related Post

Cambodia’s Cashew Production Soars in 2024

In a significant boost to its agricultural sector, Cambodia has produced 840,000 tons of cashew nuts in the first ten months of 2024, marking a remarkable 26% increase compared to last year. Mr. Uon Siloth, President of the Cambodian Cashew Association, announced this. Mr. Siloth highlighted that over 790,000 tons of these cashew nuts have […]

Thai office space vacancy rate rises 26.3%, Yet Thailand’s richest billionaire optimistic about market demand growth

Bangkok’s office vacancy rate in prime Grade A buildings has soared to 26.3%, reflecting a growing oversupply, but Frasers Property Limited, led by Thailand’s wealthiest scion, is betting on the US-China trade feud to drive demand for office and industrial spaces across Southeast Asia, according to bangkokpost on 19 September 2024. With a US$3.6 billion […]

Get Real: Powerful 3D Software Brings The Future of Infrastructure to Life in Just a Few Clicks

 By Sean O’Neill Greg Demchak stood before an enormous LED screen in a dark hotel conference room. With a game controller and a keyboard, he moved his audience through a digital model of Barcelona. The glowing screen showed a bird’s-eye view of the Spanish city’s famed “manzanas,” the octagonal block of buildings designed by […]

Cambodia Construction Expo 2024 to Showcase Over 2,000 Products and Services on 5-7 December

The Cambodia Construction Expo 2024, a cornerstone event for the nation’s construction industry, is set to take place from 5 to 7 December 2024, promising to be a key driver of industrial growth. Organised by the Cambodia Constructors Association (CCA), the three-day exhibition will feature hundreds of domestic and international companies showcasing over 2,000 products […]

Two Chinese Firms to Expand Investment in Cambodia with New Garment Factories

Fortune Rich Trade Co., Ltd. and Ju Wang Footwear Co., Ltd., two prominent Chinese firms, have announced plans to establish additional garment factories in Cambodia, focusing on producing women’s and children’s clothing for international markets. This significant investment initiative was unveiled during a meeting with PM Hun Manet on 6 November 2024 in Kunming, Yunnan […]

China Construction America Ordered to Pay US$1.6 Billion and Conflict of Political Interests Behind

A New York court has ordered China Construction America Inc. (CCA), a subsidiary of Chinese state-owned China State Construction Engineering, to pay US$1.6 billion to BML Properties, the original owner of the Baha Mar casino resort in the Bahamas, after the contractor was found to have committed “many acts of fraud” during its takeover of […]