Cambodia Oil Reserve is only 20 Percent
On the Free Radio Asia interview broadcasted today, Director of Cambodian Natural Gas and Petroleum Authority, Mr. Tea Doung Dara reported that Cambodia oil reserve will be approximately 20 percent of its resource, which previously had been reported that the quantity of crude oil lies off the coast of Cambodia is approximately 700 million barrels according to the estimation of those companies who are allowed by the Cambodian government to invest and conduct exploration at its western sea shore.
“People always misunderstood about the figure, so did the news. Terminology is very importance and we must be clear about it. When talking about oil or natural resource, we must distinguish between the words Resource and Reserve. The report saying that at least 700 million barrels of crude oil are estimated to lie off the coast of Cambodia is referred to the oil resource. Meaning to say this is quantity of oil available. And it is not referred to the oil reserve, which meaning to say the possibility of oil quantity that can be sucked. For example, there is thousand of fish in the sea. This is called resource, and ten fishes will become reserve when they are caught” Mr. Tea Doung Dara explained.
When asking why the reserve is estimated only 20 percent of the resource, Mr. Tea Doung Dara said unlike the structure of oil cave Middle East countries Cambodia oil cave structure is complex that requires many holes to be dug. This complexity will cost a lot for the investment, so the invested companies still consider it. So far, regarding figure of the reserve, there is no obvious indication from Chevron yet.