NA Approves Draft of Law on Oil and Oil Production Management

• 17 June 2019
• Local News
• 1379 Views

Photo: Krisenergy

The National Assembly approved a draft of the Law on Oil and Oil Production Management on 19 June 2019 with the approval coming amid ongoing searches for and development of oil resources on the mainland and offshore.

With nine chapters and 72 articles, the draft of the Law on Oil and Oil Production Management aims to manage and develop oil resources with efficiency, transparency, and accountability, and attract and offer confidence to investors and to boost the sustainable development of the oil sector.

The draft of the law was initially compiled by the Ministry of Mine and Energy in 1996 and has been checked and edited with new inputs added based on experiences from other countries and national and international experts.

H.E. Suy Sem, Minister of Mines and Energy, said the draft law will contribute to economic development, society, and bring long-term benefits to the nation. Meanwhile the exploration and development of oil resources in the country’s territory is ongoing, with one of Cambodia’s offshore oil blocks expected to soon extract the first drop of oil.

Singapore-based KrisEnergy is expected to extract oil in Block A in late 2019 or early 2020.

The draft of the Law on Oil and Oil Management was approved at the Council of the Ministers in April 2019.

Currently, to supply demand for oil uses, Cambodia depends on oil product imports from neighbouring countries. Last year, according to figures from Ministry of Mines and Energy, Cambodia imported 2.5 million tons of oil products, up 10% year-on-year.

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