Prime Minister of Cambodia, Samdech Sen said the country would begin the extraction of its first drop of crude oil from one of its offshore oilfields by 2020.
He announced on Monday while delivering a speech during a graduation ceremony of nearly 2,000 university students in Cambodia.
“Our first drop of oil will be extracted in 2020, and I will announce the exact date later,’’ he said.
Sen said Singapore-based oil and gas firm KrisEnergy has been actively working on its action plan, including the construction of an oil rig and an oil platform.
The prime minister said upcoming revenue from oil would be used to invest in physical infrastructures such as roads, bridges, irrigation systems, and electricity, and in health and education.
The oil will be extracted from the Apsara oilfield, which is located in Block A covering 3,083 square km over the Khmer Basin in the Gulf of Thailand.
KrisEnergy holds a 95-per cent stake in the block, and the Cambodian government owns the remaining 5 percent.
Mines and Energy Ministry Secretary of State, Meng Saktheara said when the crude oil is extracted, KrisEnergy will sell it to the international market because an oil refinery in the country is still under the developmental stage.
Block A is one of several oilfields found off Cambodian territorial waters in Preah Sihanouk province, situated in the southwest of Phnom Penh.