Recently, Cambodian Prime Minister Hun Sen stated that the government is studyingResumption of oil extraction plans,Including onshore and offshore oil extraction plans, he also pointed out that there are oil reserves in multiple places in Cambodia, but they have not been drilled yet. He also hopes that Cambodia's oil extraction will be commercialized as soon as possible.

According to the World BankAccording to a report released in 2019, Cambodia has 2 billion barrels of oil and 1 billion cubic feet of natural gas offshore, mainly concentrated at the intersection of the Gulf of Siam and the South China Sea. According to Cambodian media, the Oil reserves of Dubai, the oil kingdom, is 4 billion barrels, and the Oil reserves of Cambodia has reached half of that of Economy of Cambodia. The potential for exploitation is huge, and oil will also promote the growth of Cambodian economy.

It is reported that Cambodia has divided its domestic oil and gas fields intoA. Six blocks B, C, D, E, and F, with Block A having the highest oil and gas reserves. andC. D, E, FThe block is located in an overlapping sea area with Thailand, and planned mining must be approved by the Thai side.

In December 2020,Chris EnergyThe company is located in CambodiaBlock A has extracted Cambodia's first drop of oil. However, due to lower than expected oilfield production in the region,Chris EnergyPoor management and management forced debt restructuring.In June 2021, Chris Energy announced bankruptcy and the oil extraction project in Cambodia was also terminated.

Chris Energy's leased oil tankerWithout notifying the Cambodian governmentLeaving the waters of Cambodia triggered an international oil dispute that lasted for over a year. The final outcome of the recovery is,Sell near oil tanker300000 barrels of crude oil, with the Cambodian government receiving 70% distribution, ship owners receiving 24% distribution, and the remaining 6% being handed over to Chris Energy creditors. Overall, the actual profit of the Cambodian government is approximately140 million US dollars.

But since then, Cambodia's oil extraction work has also stagnated.

In the first half of this year, Cambodian Prime Minister Hun Sen stated that the government was studyingResumption of oil extraction planPreviously, the Ministry of Mines and Energy of Cambodia issued a press release, opening up the country to domestic and foreign investorsSix oil and gas fields have restarted oil production activities that have been suspended for two years. At the same time, the Deputy Prime Minister and Minister of Foreign Affairs of Cambodia visited Thailand to discuss matters related to the joint exploitation of oil and gas resources in overlapping sea areas between the two countries.

Economists analyze that Cambodia's resumption of its oil program may be related to a significant increase in domestic imports of petroleum products.

Data display, fromFrom January to March 2023,Cambodia has imported goods worth over408 milliondollarGasoline and diesel. Among them,The total amount of gasoline imports exceeds197 million US dollars, an increase of 21% compared to the same period in 2022The import of aviation fuel is close to17 million US dollars, an increase of 77% year-on-year, and lubricant imports reached nearly 5 million US dollars, an increase of 10%. In addition, from January to March 2023, Cambodia's coal imports increased by 45% year-on-year, totaling over 153 million US dollars.

The significant increase in domestic demand for energy products such as oil and coal has accelerated Cambodia's efforts to layout oil extraction. The Ministry of Finance and Economics of the country once predicted that its1A and 1B oilfields can extract at least 30 million barrels of crude oil within the next 9 years.