Li Fanrong , CEO of China’s CNOOC said at a meeting on Wednesday that the company is planning to start with drilling operations offshore Cambodia, Xinhua reports.
Cambodia’s Deputy Prime Minister, Sok An sees the plans as a significant boost to the impoverished country’s oil and gas sector and he said that Cambodia eagerly welcomes CNOOC’s initiative.
Xinhua reported that drilling costs for the first well are estimated at USD 20 million.
According to the data at Cambodian National Petroleum Authority’s website, Block F was awarded to (CNOOC) (100%) in 2007 and seismic data survey started in 2008.
The Cambodian National Petroleum Authority (CNPA) was formed in 1998 by Royal Decree, as the key governmental agency to oversee upstream and downstream petroleum activities in Cambodia.
The Decree states that the CNPA has responsibility “to negotiate, agree, regulate, supervise and monitor petroleum exploration operations through petroleum agreements with petroleum contractors.”
Another key task is the management and care of the data from petroleum surveys and drilling operations and its evaluation.
Offshore Energy Today Staff, December 14, 2011; Image: CNPA