Cambodia extracts ‘first drop’ of offshore oil

Cambodian premier Hun Sen announced Tuesday that the kingdom had extracted its first drop of crude oil from its waters, a long-awaited milestone for one of Southeast Asia’s poorest nations.

The Gulf of Thailand boasts significant oil deposits, with Chevron first having found proven reserves off Cambodia in 2005.

But production stalled as the government and the US giant failed to reach a revenue-sharing agreement, leading the firm to sell its stake to Singapore’s KrisEnergy in 2014.

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