According to World Bank estimates, economic growth in Cambodia is expected at 6.9% per annum for 2017 and 2018. With such a spurt, demand for energy in Cambodia is surging at a very rapid rate.
2018 will a pivotal year for the Oil and Gas industry in Cambodia. With the anticipated first oil production to debut in 2018, Cambodia will join the list of oil production countries.
It is long known that Cambodia is well endowed with oil and gas deposit but so far no production activities has taken place. The lack of proper laws and regulations to govern the investments, and political challenges in the country are some of the cited reasons for the impeded growth of the oil and gas industry in Cambodia.
Sharp increase in energy demand will mean that Cambodia will need to look at an alternative model to fulfill its energy needs. Currently, almost all oil and gas to Cambodia is imported from Thailand, Singapore and Vietnam. With the current low oil and gas prices, such model of import can indeed be sustainable in the short run, but long-term solutions are necessary.
With this as the backdrop, the Cambodian government has been active in developing its upstream sector. In August 2017, the Cambodian government signed a production-sharing agreement with Singapore-listed KrisEnergy to develop offshore block A. It is a natural progression to expect more international players to join this development.
Oil and Gas Cambodia will take place on 19th - 21st March 2019 at Phnom Penh, Cambodia. This event will bring together the various stakeholders as they discuss and share about the future of this emerging energy market in Asia.
For more details of the event, please connect with our dedicated sales staff at firstname.lastname@example.org or give us a call at +65 6742 2485.