(Reuters photo)PHNOM PENH - Cambodia signed an agreement with Singapore-listed KrisEnergy Ltd on Wednesday to develop an offshore oil field that could finally see Cambodia produce its own oil after years of delays. Cambodia has struggled to develop oil fields in the Gulf of Thailand, as few companies are willing to invest in the area following the 2014 global oil price slump. According to the agreement, KrisEnergy will own a 95% interest in the field while the Cambodian government will own the rest. KrisEnergy bought out US oil major Chevron Corp's operating interest in Block A in 2014 for $65 million. Chevron found oil in 2004 in the block but failed to reach a development agreement with the Cambodian government.

Source: Bangkok Post August 23, 2017 15:11 UTC