Oil Resource Brings Hope for Cambodia
As Cambodian olders said Cambodia is golden land. That mean to say Cambodia has a lot of natural resources. This is really truth. Recently, the USA Oil Company, Chevron, has officially released a report on oil discovered in 4 blocks of Cambodia’s offshore and onshore. Estimately, Cambodia can earn revenue from oil resource about 6 thousand millions US dollars per block per year starting from year 2010 until 2030. Hence, in total, Cambodia can earn approximately 24 thousand millions US dollars per year. In 2005, Cambodia GDP is around 6 billions US dollars and GDP per capita is about 500 US dollars. As a result of oil revenue, Cambodia economic will achive high economic growth starting from year 2010.
However, this speculation is depend on how the government manage this revenue. Although oil can generates a lot of revenue for the countries, historical has shown that countries rich in natural resource such as oil, gas and minerals have low economic growth. That’s so-called RESOURCE CURSE. Yet, for Cambodia, it maybe not a case if the government can formulate a clear policy and procedure in managing this revenue.
As a Cambodian, I wish the case of RESOURCE CURSE won’t happen in Cambodia.