Synopsis: Cambodia’s oil, gas and renewable energy sector has been on an expansion path with many global giants showing interest in exploring investment opportunities.
Texas-headquartered oil and gas behemoth ConocoPhillips is exploring potential investment opportunities in the Kingdom’s oil and gas sector.
This was discussed during a meeting between Keo Rottanak, Minister of Mines and Energy, and senior management of ConocoPhillips in Phnom Penh on Thursday.
ConocoPhillips is one of the largest independent oil and gas exploration and production companies in the world, with an annual revenue in excess of $56 billion last year. The company has operations in more than 15 countries.
“Global oil and gas research firm ConocoPhillips, headquartered in Texas, USA, continues its commitment to work with Cambodia and other stakeholders to explore potential oil and gas,” a statement released by the Ministry of Mines and Energy said, subsequent to the meeting.
The Kingdom’s oil, gas and renewable energy sector has been on an expansion path with many global giants showing active interest in exploring investment opportunities.
French behemoth TotalEnergies said last week that the company is seriously exploring investment opportunities in the Kingdom.
Mehmet Celepoglu, TotalEnergies Deputy Director for Oceania and Southeast Asia region, held a meeting with Rottanak, at the ministry headquarters, and discussed investment opportunities.
Last month, Australian LNG major Woodside Energy said it is exploring investment opportunities in the Kingdom.
This follows a meeting between the Minister of Mines and Energy and representatives of Woodside Energy in Phnom Penh in the presence of Australian Embassy officials.
Woodside Energy’s primary area of specialisation is in the liquefied natural gas (LNG) industry, with a focus on supplying reliable and affordable energy to a growing global market.
Speaking to Khmer Times, Suresh Babu, an oil and gas consultant based in Dubai, said the Kingdom should give equal priority to the oil, gas and renewable energy sectors.
“A well-developed energy sector is a prerequisite for growth, and to develop the sector the country needs investments. If you take the success stories of all Middle Eastern nations and Southeast Asian countries such as Malaysia, Brunei or Indonesia, we could see that the oil and gas sectors progressed in phases with huge investments from Western companies.
“With investments come expertise. We must understand that the oil and gas sectors are rapidly transforming and evolving with advanced technologies in place, and investments by leading players are the only way to bring in these expertise.”
The development comes amid the Royal Government assuring the public that the country has the full capacity to meet its energy requirements after border tensions with Thailand.
