PVEP has been granted 30 years to explore for oil and 35 years for gas in the block.
“The ceremony was organized under the presidency of the Minister of the Council of Minister, Deputy Prime Minister Sok An, by the head of the Cambodian National Petroleum Authority, and by a Deputy Prime Minister of the Socialist Republic of Vietnam, Hoàng Trung Hai.
“This agreement was signed by Sok An and by director of the PVEP General Director Nguyen Vu Truong Son.
“The deputy director of the Cambodian National Petroleum Authority, Ho Vichet, said that the oil sector in Cambodia attracts the attention from many international oil companies to invest in it. Practically, some companies have been offered the right to study and to explore oil in Cambodia both in the sea and on land. Positive results of oil exploration in the Cambodian sea in Block A resulted in trust about the existence of oil resources both in the sea and on land in the Kingdom of Cambodia.
“Ho Vichet added that so far, the government has offered oil companies the right to study and explore all oil blocks, and each company is fulfilling their tasks at their respective blocks, following the agreements. Also, there are some companies signing agreements on inland oil on with the Royal Government of Cambodia and others are continually following up to invest also in the fields at those blocks that still remain unexplored.
“The head of the Board of Directors of the Petrovietnam, Ðinh La Thang said that this is a new breaking of a record regarding cooperation in the field of oil exploration between the two countries. Block 15 is located at the northeast of the Tonle Sap Lake in the Cambodian inland, where oil availability is estimated for 30 years, and gas availability for 35 years, and the exploration will take 7 years.
“As for Vietnamese Deputy Prime Minister Hoang Trung Hai, he said that the signing of an oil agreement for Block 15 is the fist cooperation between Cambodia and Vietnam in the oil sector, which is being considered by the Vietnamese government as potential sector to encourage economic development, and to ensure energy stability in the country. ‘The signing today marks a better cooperation between the two countries.’
“Deputy Prime Minister Sok An said that this agreement will provide a lot of benefits, like human resources development, exchange of experience in the oil sector, creation of new jobs, income which contributes to achieving success for the goals of the Royal Government to develop the economy and the society, as well to reduce poverty. ‘I consider the event today as a new testimony which clearly demonstrates a long term development of traditional, historical, and strategic relations inherited between the people of Cambodia and the people of Vietnam, especially by strengthening economic cooperation and of investment in the private sector.’
“The Deputy Prime Minister added that to successfully develop the oil and gas sectors, Cambodia necessarily needs joint cooperation in investment with highly experienced and successful companies. He said, ‘In this sense, I would like to highly assess the right decision of the Petro Vietnam, and I would like to express my appreciation towards the Vietnamese leader and government for encouraging and supporting investment projects in Cambodia. The ceremony today is not only a sign of a new success in good cooperation between the two countries, but I think it is also the opening in a broader sense for further investments between Cambodia and Vietnam. The Royal Government of Cambodia always supports and encourages different companies in Vietnam that are operating and plan to invest in Cambodia.”
