3 firms intend to control all oil exploration rights in Block B, Cambodia

Three foreign oil firms are on the verge of purchasing the remaining rights to petroleum exploration in Cambodia's offshore Block B, the Cambodian Daily reported on Monday.

According to the statement published on Singapore Petroleum Company's (SPC) website, SPC and "co-venturers" PTTEP International Ltd of Thailand and Resourceful Petroleum Ltd of Malaysia have jointly reached a deal to buy the remaining 10 percent of exploratory rights in Block B, the paper said.

Completion of the acquisition is conditional upon the approval of the Cambodian National Petroleum Authority, SPC said.

After the purchase is completed, the three firms will together hold nearly all the exploration rights in Block B, the statement said.

In 2005, the three companies announced the acquisition of exploration rights to significant portions of Block B.

The 6,551 square kilometers Block B is among all the most promising six demarcated offshore exploration blocks in Cambodia. It is located 250 kilometers off the country's coast.

Source: Xinhua