South Korea's LG-Caltex Oil has bought a stake in offshore Block A, the Cambodian
oil field in the Gulf of Thailand, Reuters reported on March 11. The firm will pay
$18 million to ChevronTexaco for 15 percent of exploration rights, cutting Chevron's
stake to 55 percent, while Japan's Mitsui Oil retains 30 percent. Preliminary studies
estimate Block A contains 400 million barrels of crude oil and three trillion cubic
feet of gas. LG-Caltex's earnings from its investment are estimated at $600 million.