Cambodia is turning to Russian investors after Singapore’s KrisEnergy abandoned the only operational offshore oil block in the Kingdom’s waters. Sok Khavan of the Ministry of Mines and Energy appealed to business leaders during the recent Online Business Mission of Russian Companies to the Kingdom of Cambodia. The Secretary of State pointed out that Russian firms have experience in searching for oil in the Kingdom, both inland and offshore.
Cambodia has six offshore blocks, nineteen onshore and four disputed with Thailand. One thing it can offer Russian oil companies is the opportunity to invest in blocks that are not in disputed territorial waters, other than the 26,000 square kilometre area in the Gulf of Thailand, over which Bangkok and Phnom Penh are still haggling. That may attract firms who have had their fingers burned in neighbouring countries’ oil fields.
Russian oil company Rosneft cut a contract with UK-headquartered offshore drilling contractor Noble Corporation last year. The two were working together on an oil project in Vietnam but came under pressure from China to pull out because of disputes over who has drilling rights in the South China Sea.