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Cambodia's 13 offshore oil partners

Cambodia's 13 offshore oil partners

BLOCK A: Awarded to Chevron's group it is the only block where major exploration

activity is taking place. Chevron has 55%. Partner Mitsui Oil Exploration Co., Ltd

(Moeco) has 30% and GS Caltex Corporation has 15%. They have drilled 15 exploratory

wells and are considering more drilling because the deposits are so dispersed. The

group has invested more than $120 million, according to the CNPA.

BLOCK B: The furthermost block from Sihanoukville was awarded to Singapore

Petroleum Company in a joint venture with Malaysia's Resourceful Petroleum and Thailand's

PTTEP International. Each holds a one third stake. Australia's Cooper Energy pulled

out in October, selling its share to its partners. SPC investor relations official

Lim Beng See said the partners have invested $1 million and "will invest another

$2.5 progressively on oil discovery."

BLOCK C: Polytec - The CNPA announced that the 100% rights to this block went

to an entity called "Polytec, Hong Kong." No information is available.

BLOCK D: According to public documents, this license initially went to China's Zhen

Rong Cambodia Energy Company but now belongs to Petrotech Holdings of China, a software

services firm that bought 48% of Zhen Rong. Petrotech started as a software provider

and began offering oilfield services in China in late 2005, according to its own

reports. Petrotech trades on the stock exchange in China at less than $1. Company

chairman William Chan told Business Times of Singapore he planned to put up "half

of the $4 million" for seismic surveying. The company also reported it expected

to begin reporting revenue from the proect this year.

BLOCK E: This block borders the west side of the areas disputed with Thailand

and is licensed to Medco International Petroleum Ltd., of Indonesia ( 41.25%) Kuwait

Energy Co KSCC (20.6%); Medco's partner JHL Petroleum, Ltd. (4.13%) and Sweden's

Lundin Petroleum (34%). Kuwait Energy said it was its first venture outside the Middle

East. Medco lists on the Jakarta stock exchange and has been open about its license

deal which follows the model contract used by CNPA, with one exception: the $4.5

million payment that went to the "social development project fund." Medco

said first phase exploration will last three years but could be extended. It said

12.5 % of production in the first phase of exploitation would go to the Cambodian

kingdom as government royalties. It would retain rights to get as much as 90 percent

of the remaining production. And it would pay 30 % corporate income tax to the government

on remaining royalties. Seismic surveys are underway. Lundin reported that it plans

more seismic exploration and then one exploratory well.

BLOCK F: Chinese National Offshore Oil Co., (CNOOC) one of China's large oil

companies, signed a deal last spring, according to oil and energy industry newsletters.

No details were released about the deal or the work plans. Upstream newspaper reported

that CNOOC wants a second contract to explore for oil in the Tonle Sap Lake, Cambodia.


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