The Mirror, Vol. 11, No. 526
IN 2021, CAMBODIA MAY GET $1.7 BILLION INCOME FROM OIL, INCREASING FROM $174 MILLION IN 2011
“Phnom Penh: A report of the International Monetary Fund [IMF] said that the Cambodian government may get income of up to $1.7 billion in 2021, increasing from $174 million in 2011.
“A report of more than 70 pages from August 2007, which Rasmei Kampuchea received this week, said that the recent oil exploration shows that Cambodia may have oil and natural gas resources under the sea, including in the area overlapping with Thailand. Oil production may increase with a noticeable large amount of national income and provide an important financial resource for expending in development projects of the government, as well as for savings for the people of the next generations. The report added that the Chevron Company of America, which received the rights to do oil exploration in 2006, had the permission for oil exploration in seven sections in Cambodian waters, but not in the area overlapping with Thailand. This American company has not yet announced the result of their recent oil explorations. However, the report of the IMF said that Cambodia may have oil resources of up to 700 million barrels (one barrel equals 117.34 liters). The report added, however, that as long as Chevron has not yet stated when production could start, therefore it is difficult to make a firm assessment of the quantity of the oil that may be extracted.
“The IMF report made a basic assessment: that the income of the government from oil may increase slowly from approximately $174 million in 2011 up to the maximum level of $1.7 billion in 2021, and then the income from oil would start to decline.
“According to the assessment which assumes income from oil at an average level, the IMF said that it may be possible to extract 500 million barrels, and due to the fact that the world market price of oil always goes up, the oil is estimated to be worth $15 billion. The IMF said that this scenario is created in order to show the problems to be faced in terms of policy challenges related to oil; it is not intended to actually assess the Cambodian oil fields. The IMF draws the attention to the experience of other countries which are rich in oil. Their experience shows that the hope for poverty alleviation through oil depends on good and effective management of the economy and the related institutions. An ‘oil curse’ may occur in weak countries with weak institutions.” Rasmei Kampuchea, Vol.15, #4391, 16-17.9.2007
Newspapers Appearing on the Newsstand:
Monday, 17 September 2007
Kampuchea Thmey, Vol.6, #1446, 16-17.9.2007
- Smuggled Gasoline Illegally Sold on National Road 6A [Siem Reap]
Koh Santepheap, Vol.40, #6146, 17.9.2007
- 6,613 Guns Burned in Battambang
- Floods in Bangladesh Kill More Than 1,000 People
Meatophum, Vol.51, #659, 17-21.9.2007
- Government Will Have Railway Managed by Private Company
Moneaksekar Khmer, Vol.14, #3265, 17.9.2007
- Yuon [Vietnamese] Association President [Kim Chy]: 50% of Yuons Living in Cambodia Are Legal
Rasmei Kampuchea, Vol.15, #4391, 16-17.9.2007
- IMF: Cambodian Oil Is Worth Approximately $15 Billion
- Woman Who Slit Her Partner’s Throat in a Guesthouse and Robbed His Motorcycle in Siem Reap Is Arrested in Kompong Thom
Sralanh Khmer, Vol.3, #506, 16-17.9.2007
- A Casino in Bavet Requires Female Workers to Dress in Yuon [Vietnamese] Style [in Svay Rieng, at the border to Vietnam]
- Heng Pov [former Phnom Penh Municipal Police Commissioner, now in jail] Receives Riel 3 Million [approx US$750] from His Daughter for [personal] Expenses in Prey Sar Prison
Wat Phnom, Vol.14, #1341, 17-18.9.2007
- Neutral and Impartial Committee for Free and Fair Elections in Cambodia Asks Government that Distribution of Identification Cards Should Be Finished Before 15 September [so that other people have the chance to get registered and have identification cards issued]
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