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Cambodia awards onshore EDP licence to

Canada’s Angkor Resources

PROJECTS & CANADA’S Angkor Resources Corporation Within Block VIII there exist national parks
COMPANIES announced on 3 October that it had secured that will not be part of the company’s operations.
an exploration, development and produc- “Exploration will be undertaken outside the park
The licence covers a tion licence from Cambodia for the country’s areas,” the company said, adding that this is part
three-year exploration onshore Block VIII. Angkor’s subsidiary Ener- of EnerCam’s mandate to assist in protecting
term and two further Cam Resources Corporation (Cambodia) will the Cardamon Mountains National Park, Preah
renewal terms of two carry out the work in the licensed area, which Monivong and Kirirom National Parks.
years each. is located in the south-west corner of the According to Angkor CEO Ms. D. Weeks,
country. until Cambodia can source sufficient renewa-
Angkor Resources said an initial survey ble energy, hydrocarbons will play a role in its
over the area indicated a “sedimentary foreland development. “Cambodia needs its own source
basin,” and that on-the-ground reconnaissance of energy,” she said, “and we look forward to
had “found numerous oil seeps and gas seeps actively exploring and producing energy for
across the targeted areas.” Cambodia, all the while establishing strong ESG
Very little exploration work has been carried [environmental social governance] principles in
in Cambodian territory. a new sector of the country.”
Exploration in Block VIII will begin with the “We can use what we have learned elsewhere
acquisition of available seismic that will undergo to minimise the carbon footprint and maximise
a comprehensive analysis afterwards. Prelim- the benefits to the economy and the population,”
inary magnetics on the targeted areas will be she added.
included in the first phase of the work plan, the Chinese news agency Xinhua reported last
company said. week that Cambodia had imported oil and gas
“We are excited about moving oil and gas products worth $2.84bn during the first nine
forward in Cambodia as we believe this is a months of 2022, up 66% from $1.71bn during
monumental change for the entire country,” the first three quarters of 2021. The report did
Mike Weeks, president of EnerCam, said in a not mention the volume of oil and gas products
statement. “Having its own long-term source of imported during the January-September period
energy for LNG, for fuels, and a whole variety of this year.
of products currently imported into Cambodia, Cambodia is entirely reliant on imports of oil
will advance this country to a new level.” Weeks and gas to meet local demand. Xinhua reported
said the oil seeps and gas shows in the block that Cambodian Minister of Mines and Energy
“point us in a potential direction for discovery.” Suy Sem had recently stated that demand for oil
The licence allows for an initial three-year products is projected to rise to 4.8mn tonnes in
exploration term and two further renewal terms 2030, up from 2.8mn tonnes in 2020.
of two years each. The development and pro- “Further investments in this sector are needed
duction period is for 25 years with options for in order to respond to this growing demand,” the
renewals. news agency quoted him as saying. ™

Week 41 18•October•2022 www. NEWSBASE .com P7