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Tuesday, 04 November 2008 21:22 |
SINGAPORE, Nov 4 (Reuters) - U.S. major Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) has yet to submit a plan for what was slated to be Cambodia's first oil development, a senior Cambodian official said on Tuesday, which would mean first oil is unlikely until the next decade.
The impoverished Indochinese country has been keen to tap its hydrocarbon resources like its Thai and Vietnamese neighbours but Chevron-operated Block A, once touted as Cambodia's route to riches, is unlikely to be onstream before 2010 at the earliest.
"Chevron is planning to do more exploration and appraisal. By the end of the year, they will submit a development plan," Ho Vichit, vice-chairman of state-owned Cambodian National Petroleum Authority (CNPA) told reporters on the sidelines of an energy conference in Singapore.
The time lag between a development plan and first oil is usually at least a year and often take several years.
But Ho said the field would be developed, rejecting the suggestion that development could be shelved.
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