APD | Cambodian draft law on Petroleum and Petroleum Production Management approved

By APD writer Kin Ratha 

PHNOM PENH, April 8 (APD) - Cambodian government on Friday approved on the draft law on Petroleum and Petroleum Production Management that paves the way for the development of the country’s untapped oil and gas sector. 

Composed of 9 chapter and 72 articles, the law is to reply of petroleum sector progress in the development of economy, social, and environment, particularly to boost for sustainable petroleum development and efficiency. 

“The draft law is scoped of implementation on activities in petroleum sector in the territorial integrity and sovereignty in Cambodia, and on the seabed and seabed’s underground of the exclusive economic zone as well as other zones that Cambodia authorizes sovereignty,” according to press release of the Council of Ministers.

An official with the Ministry of Mines and Energy said that the law provides authority to Ministry of Mine and Energy to manage and implementation of the law on all activities in petroleum sector from study and research to business development. 

“The law is to benefit to investors to get them understood how to apply for investment and procedure documents that they have to fill,...in general, they are confident to invest in the petroleum sector in Cambodia,” said the official. 

The draft law was approved while the country’s first oil drop is expected to be extracted by year-end of 2019 or early of next year, which invested by Singapore-based KrisEnergy. 

(ASIA PACIFIC DAILY)