Cambodia Resources Energy Development Co. is going to conduct oil exploration in the offshore Block D oilfield, after being granted an exploration license.
The company entered an agreement with the Ministry of Mines and Energy in December last year.
H.E. Cheap Sour, Director General of Petroleum at the Ministry of Mines and Energy, said that the signing of agreement is to allow the company to conduct studies and search for oil in Block D, which starts from 2020.
Under the agreement, the company can begin to explore oil from seven to ten years, he said, adding that if the company finds any oil in Block D, it can continue its development for 30 years.
Block D is an offshore concession spanning 5,500 square kilometers and lying over the Khmer basin, an area in Cambodian waters in the Gulf of Thailand.
This is the second petroleum agreement signed so far, after KrisEnergy. This Singapore-based company is currently developing the Apsara oilfield's Block A. It schedules to extract oil in the first semester of this year, as the company is now preparing the platform for the work.
Source: Agency Kampuchea Press