Southeast Asian countries Cambodia recently discovered huge oil and gas fields, and there may be an emerging energy exporter. In the upcoming competition in the energy markets, it can be expected that China will strengthen the offensive, in order to obtain greater benefits; on the other hand, substantial energy benefits will also help improve Cambodia's economy.

Cambodia become an energy exporting country
US oil giant Chevron recently in southern Cambodia on Sea found huge oil and gas fields; we have heard that in five exploration test, there can be four to drill for oil. Cambodia officially announced that Chevron is 6278 km2 A oilfield exploration, oil reserves are estimated at 700 million barrels, far more than the earlier estimate of 400 million barrels.

Accordingly, Cambodia could become emerging energy exporting country, energy export earnings will enable the country's gross domestic product (GDP) to double the existing level, and allow millions of Cambodians in the near future He embarked on the road of poverty.

Cambodia may have a total of up to 20 billion barrels of oil and 10 trillion cubic feet of natural gas. Taking into account the trend of future energy prices, energy exports will bring up to $ 2 billion in annual revenue for the country, it is currently the total income and the resulting economic assistance several times.

Potential foreign investment and co-development projects, will make it possible to Cambodia from an energy importing country into a major regional exporter of energy. Taking into account the size of Cambodia's proved reserves and mining, energy exports will enable the country's current GDP growth doubled.

China aiming Cambodia
Cambodia attracted many multinational energy forecasting (Japan, Korea, Kuwait, Thailand, Malaysia and Singapore) energy companies to compete for contracts and mining rights in Cambodia five additional fields. And specified in the Cambodian government area of 6557 square kilometers of the B field, the French oil company Total and the China National Offshore Oil Corporation is the most important competitors.

In recent years, China to reduce dependence on the Malacca Strait, actively looking for Asian energy. It is reported that the Malacca Strait is located between Peninsular Malaysia and Sumatra, Indonesia, 80 percent of China's oil imports are from the Middle East via the input here. Chinese leaders have said that once the Sino-US conflict, the deployment of the US Navy in the Malacca will cut China's oil transport.

In 2005, the Chinese company CNOOC had planned to spend $ 18.5 billion acquisition of US oil company Unocal, because the latter owned energy assets, most of them in Asia, but this strategic acquisition was the US Congress rejected. So from the Chinese point of view, energy security factors will Cambodia newly discovered energy worth double.
In addition, China sent a "goodwill" delegation and the ruling Cambodian People's Party senior officials met and held closed-door talks. Subsequently, the China Export-Import Bank recently provided more than 200 million US dollars concessional credit to Cambodia. In fact, in recent years, China has provided substantial economic assistance to Cambodia for the improvement of infrastructure in the capital Phnom Penh and inaugurated a new Council of Ministers building. These will be conducive to China's future energy Cambodia joined the competition.

(Source: Long Financial News)