After the discovery of oil in Cambodia’s water territory by Chevron, the US-based company, Cambodia could become one of the major petroleum exporting-countries as there are approximately 400 million barrels of oil reserve in Cambodia territory.
However, due to the issue of revenue sharing, Chevron sold out Cambodia oil block to Kris Energy, Singapore’s based Company in 2014 with the deal of $65 million. As the Kris Energy started its oil extraction in 2020 in Block A that covered an area of 3,083 square kilometers, Prime Minister Hun Sen applauded this as the milestone and achievement after leading the country for more than 30 years. Hun Sen also remarked that Cambodia oil is not a “curse”.
It is a “blessing” for Cambodia. He furthered said, “Now we can start raising questions on how money from our oil resource will be spent. If this question is posed, I will say the money will be allocated mainly to the education and health sectors.”