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Singaporean, Australian Companies to Explore for Oil Offshore Cambodia

Posted on: Friday, 26 August 2005, 09:00 CDT

Singaporean, Australian companies to explore for oil offshore Cambodia

PHNOM PENH. Aug. 25 (Xinhua) -- The Singapore Petroleum Company (SPC) has reached an agreement with the Cambodian government to obtain a 30-percent interest in an offshore seabed for petroleum exploration, local newspapers reported on Thursday.

The Australian-based Cooper Energy Limited also has acquired a 10- percent share in the same exploration endeavor.

SPC reached the agreement with the government through the Cambodian Petroleum Authority to exploit petroleum from Block B, which is shared by three other major companies, Khmer newspaper Rasmei Kampuchea reported. The block, located in the Gulf of Thailand, rests 250 km from the shore.

Block B rests beside Block A, where the US oil company Chevron has discovered traces of oil and natural gas that could be extracted for commercial sale, The Cambodia Daily reported.

SPC is entitled to explore Block B for three years. It will share the area with Thailand's petrol giant PTTEP, which holds a 30- percent stake in the block, and Malaysia-based Resourceful Petroleum, which also holds a 30 percent stake in the seabed.

Source: Xinhua News Agency - CEIS

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