Page 12 - Oil&Gas-AustralAsia-2015-Issue-2
P. 12
C AMBODIA
Offshore deal hoped before new laws are passed
By Marie RYAN
range of issues, such as revenue sharing. future companies interested in explo-
The Cambodian government and “The oil industry is something very new ration.
Singaporean energy player Kris Energy to Cambodia, especially to lawmakers,”
hope to close off long anticipated ne- he said. “The legislation would certainly make
gotiations for the extraction of oil from Saktheara said a final draft would be things more clear about how to acquire
Block A located offshore before new ready by the end of the year and that a licence”, he said.
laws are handed down for the country’s the KrisEnergy deal will take the draft
oil and gas industry. legislation into consideration. KrisEnergy acquired Chevron’s 30 per
Meng Saktheara, secretary of state at “Maybe the law will change signifi- cent stake of Block A in August last
the Cambodian Ministry of Mines and cantly; this is also a concern from the year, adding to its existing 25 per cent
Energy said the government wanted to company.” stake, giving it a controlling stake in
have some kind of deal before the law Another reform that will be passed in the project. At the time, the energy
is passed. conjunction with the petroleum law, company said it expected to produce
The new laws will be the country’s first is the addressing of inconsistencies around 10,000 barrels of oil per day from
legislation governing the extraction of between taxes that could apply to the oil Block A.
oil from onshore and offshore fields, sector, Saktheara added. The KrisEnergy deal was brokered after
currently in its draft stage Mr Saktheara Richard Stanger, president of the Chevron and the Cambodian govern-
has expressed concern over how long Cambodia Association for Mining and ment spent years trying to reach an
the law might take to makes its way Exploration Companies, agreed, saying agreement over taxation and profits
through the National Assembly. the new law would clear things up for unsuccessfully.
According to Secretary of State the law’s “If we could have had this law, these
passage could take time due to negotia- two laws, last year, it could have sped
tions with lawmakers and NGOs over a up the registration process,” Saktheara
said. §
Cambodian Prime Minister urges more
American investment
By Marie RYAN
The Cambodian Prime Minister Hun country’s favourable atmosphere for country with a cumulative investment
Sen said in early May that the Asian investment,” the Prime Minister reportedly of more than US$1.3 billion last year. §
nation wanted to see more investment said, urging the global companies to Prime Minister Hun Sen
from the United States of America in explore the possibility of vertical invest-
agriculture, manufacturing and services ment in agriculture, manufacturing and
industries. the service industry.
Sry Thamarong spokesman for Prime According to the spokesman, Hun Sen
Minister Hun Sen reported during a said Cambodia had invested a large
meeting with a visiting group of 19 amount on transportation infrastruc-
American business executives led by ture and electricity; key foundations for
Kathy Santillo, regional managing attracting investment, and in addition,
director of the United States ASEAN the country has focused on human
Business Council. resource development to service its
The delegation came from eight major growing labour markets.
US companies including supermajors The Cambodian government announced
ConocoPhillips and Exxon Mobil, in it would launch on-line business registration
addition to the world’s largest publicly service by the end of this year to fa-
traded international oil and gas company cilitate foreign investors seeking to do
General Electric (GE) and Coca-Cola, businesses in the country.
he said. According to the figures of the Council
“The prime minister expressed his for the Development of Cambodia the
desire to see more US investment in US is the sixth largest investor in the
Cambodia and presented the group the
A A10 OIL & GAS ustral SIA MAY/JUNE 2015 www.oilandgasaustralasia.com
Offshore deal hoped before new laws are passed
By Marie RYAN
range of issues, such as revenue sharing. future companies interested in explo-
The Cambodian government and “The oil industry is something very new ration.
Singaporean energy player Kris Energy to Cambodia, especially to lawmakers,”
hope to close off long anticipated ne- he said. “The legislation would certainly make
gotiations for the extraction of oil from Saktheara said a final draft would be things more clear about how to acquire
Block A located offshore before new ready by the end of the year and that a licence”, he said.
laws are handed down for the country’s the KrisEnergy deal will take the draft
oil and gas industry. legislation into consideration. KrisEnergy acquired Chevron’s 30 per
Meng Saktheara, secretary of state at “Maybe the law will change signifi- cent stake of Block A in August last
the Cambodian Ministry of Mines and cantly; this is also a concern from the year, adding to its existing 25 per cent
Energy said the government wanted to company.” stake, giving it a controlling stake in
have some kind of deal before the law Another reform that will be passed in the project. At the time, the energy
is passed. conjunction with the petroleum law, company said it expected to produce
The new laws will be the country’s first is the addressing of inconsistencies around 10,000 barrels of oil per day from
legislation governing the extraction of between taxes that could apply to the oil Block A.
oil from onshore and offshore fields, sector, Saktheara added. The KrisEnergy deal was brokered after
currently in its draft stage Mr Saktheara Richard Stanger, president of the Chevron and the Cambodian govern-
has expressed concern over how long Cambodia Association for Mining and ment spent years trying to reach an
the law might take to makes its way Exploration Companies, agreed, saying agreement over taxation and profits
through the National Assembly. the new law would clear things up for unsuccessfully.
According to Secretary of State the law’s “If we could have had this law, these
passage could take time due to negotia- two laws, last year, it could have sped
tions with lawmakers and NGOs over a up the registration process,” Saktheara
said. §
Cambodian Prime Minister urges more
American investment
By Marie RYAN
The Cambodian Prime Minister Hun country’s favourable atmosphere for country with a cumulative investment
Sen said in early May that the Asian investment,” the Prime Minister reportedly of more than US$1.3 billion last year. §
nation wanted to see more investment said, urging the global companies to Prime Minister Hun Sen
from the United States of America in explore the possibility of vertical invest-
agriculture, manufacturing and services ment in agriculture, manufacturing and
industries. the service industry.
Sry Thamarong spokesman for Prime According to the spokesman, Hun Sen
Minister Hun Sen reported during a said Cambodia had invested a large
meeting with a visiting group of 19 amount on transportation infrastruc-
American business executives led by ture and electricity; key foundations for
Kathy Santillo, regional managing attracting investment, and in addition,
director of the United States ASEAN the country has focused on human
Business Council. resource development to service its
The delegation came from eight major growing labour markets.
US companies including supermajors The Cambodian government announced
ConocoPhillips and Exxon Mobil, in it would launch on-line business registration
addition to the world’s largest publicly service by the end of this year to fa-
traded international oil and gas company cilitate foreign investors seeking to do
General Electric (GE) and Coca-Cola, businesses in the country.
he said. According to the figures of the Council
“The prime minister expressed his for the Development of Cambodia the
desire to see more US investment in US is the sixth largest investor in the
Cambodia and presented the group the
A A10 OIL & GAS ustral SIA MAY/JUNE 2015 www.oilandgasaustralasia.com
