The first oil to be tapped by Cambodia marks an important milestone for the country that could see it play a role in shoring up energy security in Southeast Asia, experts said.
On Dec 29, Cambodian Prime Minister Hun Sen said his country had begun extracting oil from one of its offshore oil fields the previous day, describing the beginning of oil production as “a blessing for Cambodia”.
“COVID-19 has bothered us, but it cannot destroy our efforts to produce that oil,” Hun Sen said. “This is a key start for Cambodia toward building an oil industry.”
Chheang Vannarith, president of the Asian Vision Institute, a think tank in Phnom Penh, hailed the step forward that Cambodia is taking as an oil producer.
Oil extraction will help boost revenues for Cambodia and improve the prospects for sustainable debt management, Chheang Vannarith said.
He said the effort will also create benefits for the whole region. When compared with other key oil exporters in the region, such as Brunei, Indonesia and Malaysia, Cambodia’s oil production sector is in its infancy.
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