The draft law on oil management and production was approved here this morning by the Cambodian Cabinet Meeting held under the chairmanship of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.
According to a press release from the Press and Quick Reaction Unit of the Office of the Council of Ministers, this draft law is the indispensable law for the management and development of oil resource in the Kingdom of Cambodia.
This draft law is designed to respond to the evolution of the oil sector in the context of economic, social and environmental development, with a particular aim to promote sustainable and effective oil development in order to contribute to socio-economic development and long-term benefits of the nation.
The nine-chapter and 72-article draft law covers all activities in the field of oil in the territory and sovereignty of the Kingdom of Cambodia.
Last year, KrisEnergy Ltd's (KrisEnergy), the subsidiary company of SJ Production Barge Ltd. that is exploring the oil and gas in the Block A of Cambodia's offshore announced that Cambodia will get the oil in the third quarter of 2019. The production barge will be capable of processing up to 30,000 barrels of fluid per day, and equipped with gas, oil and water separation facilities.
Source: Agency Kampuchea Press