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Hun Senvo has made the first drop of oil himself.
On December 29, 2020 at 6:30 p.m.
Hun Sen Says Cambodia Successfully Drills First Drop of Crude After Long Wait
Cambodian Prime Minister Hun Sen announced the good news on Facebook: Cambodia has been able to extract crude oil for the first time in the country. It was announced that it was a new achievement for the Cambodian economy.
“The first drop of crude oil has been drilled, 2021 is approaching and we have received a great gift for our country: Drilling the country’s first crude oil,” Hun Sen said on Facebook.
Hun Sen also said that the drilling was a blessing for the Cambodian people. It is not a curse as some of the wicked claim.
The oil is extracted from the waters off the southwest coast of Sihanoukville. Or Kampong Som in the Gulf of Thailand
US Chevron first discovered Cambodia’s offshore oil fields in 2005, leading Cambodia to be seen as the region’s newest oil field. The government estimates that there are hundreds of millions of barrels of oil under the sea.
However, drilling had to be stopped. Because the Cambodian government and Chevron were unable to reach a revenue sharing agreement. As a result, Chevron sold its stake to KrisEnergy in 2014, where Chris Energy owns 95% of the shares and the remainder is owned by the Cambodian government.
Chris Energy expects early production to peak at around 7,500 barrels per day. This is not much compared to oil production in neighboring countries like Vietnam and Thailand. But that amount is an important source of revenue for the Cambodian government, as in 2017 the government estimated that it received $ 500 million in royalties and taxes in the first phase.
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