Cambodia Oil and Gas Production Start in 2008
Since the oil and gas resources have been discovered and announced and the exploration has been started in a few years ago, Cambodia will start oil and gas production in 2008. This is earlier than expectation, but good news.The news reported that US oil giant company, Chevron, has just finished its exploration at offshore Cambodia recently and the new equipment will be imported into Cambodia for starting the oil and gas production in 2008. The Cambodian government has allowed Chevron, together with LG from South Korea and a Japanese company, to invest and conduct exploration at its western seashore.
According to the estimation of those companies, the quantity of crude oil lies off the coast of Cambodia is approximately 700 million barrels. This would be a main source of revenue of the Cambodian government and it will contribute a lot to the growth of country’s GDP (Gross Domestic Production) that will lead to improve the country development if the oil and gas are well managed.