Logo of Phnom Penh Post newspaper Phnom Penh Post - Oil money

Oil money

Oil money

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.

MOST VIEWED

  • Cambodia’s image problem

    In opening remarks at a recent event, Secretary of State at the Ministry of Foreign Affairs and International Cooperation Luy David said information can be a double-edged sword. He told a European Institute of Asian Studies (EIAS) briefing seminar that the media has unfairly presented

  • PM Hun Sen says dangers averted

    Delivering a campaign speech from his home via Facebook Live on Thursday, caretaker Prime Minister Hun Sen said his Cambodian People’s Party (CPP) had carried the country through danger in its latest mandate. He was specifically referring to the threat of a “colour revolution”

  • Bumpy road for local ride apps

    Ride-hailing services seem to have grown into a dominant player in the capital’s transportation sector. Relatively unknown and little used in the Kingdom at the beginning of this year, services like PassApp, Grab and ExNet are now commonplace on Phnom Penh streets. However, the

  • Hun Sen lays out party’s platform

    Caretaker Prime Minister Hun Sen on Wednesday credited liberating Cambodia from the Khmer Rouge as among the reasons why people will vote for his ruling Cambodian People Party (CPP) in the July 29 national elections. Hun Sen, who has held the reins of power in Cambodia