Vietnamplus

Cambodia has begun extracting crude oil from fields in its waters off the southwestern coast of Sihanoukville, Prime Minister Hun Sen said on December 29.

A grim report on the world economy by the International Monetary Fund (IMF) announced on April 15 caused oil prices to continue to slide, with international prices hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a COVID-19-fuelled slump in demand.

Singapore-based KrisEnergy company is expected to launch the extraction of crude oil in Cambodia in late 2019 or early 2020 but that oil will not be refined in the country.

The PetroVietnam Drilling & Well Service Corporation (PV Drilling) has signed a contract worth over 6 million USD to offer jack-up drilling services to Singapore-based KrisEnergy.