PM: Cambodia’s Oil Resources Await Study and Investment

• Sommana Yan
• 20 June 2023
• Uncategorized
• 9704 Views

Prime Minister Hun Sen has urged for comprehensive studies to be conducted on Cambodia’s untapped petroleum reserves beneath the Khmer seabed and the Tonle Sap, signaling the country’s readiness for investment in the oil sector.

Speaking at the inauguration of the Bakheng Water Treatment Plant Phase I on June 19, Prime Minister Samdech Techo Hun Sen emphasized the need to thoroughly assess the potential mineral resources in Cambodia before embarking on any investment ventures.

“With hopes of attracting more investments in the future, Cambodia possesses untapped oil resources under the Tonle Sap, on the mainland, and beneath the seabed that require in-depth study,” stated the Prime Minister.

The Prime Minister’s call comes in the wake of Cambodia’s initial oil production being halted, prompting the government’s efforts to entice fresh investments for the continued extraction in the Khmer Basin located within Cambodia’s maritime waters.

Cambodia’s first oil production, initiated by Singapore-based company KrisEnergy, commenced operations on December 28, 2020. However, after a mere six months, the company filed for bankruptcy in June 2021.

The exploration and subsequent investment in Cambodia’s oil resources hold tremendous potential for economic growth and development. Conducting thorough studies to comprehend the extent and viability of these resources is crucial to attract sustainable investments and ensure the long-term prosperity of the nation.

 

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