Prime Minister of Cambodia, Hun Sen announced that the country would begin the extraction of its first drop of crude oil from one of its offshore oilfields by 2020.
He mentioned Singapore-based oil and gas firm Kris Energy has been actively working on its action plan, including the construction of an oil rig and platform.
The prime minister said upcoming revenue from oil would be used to invest in physical infrastructures such as roads, bridges, irrigation systems, electricity, medical and education.
The oil will be extracted from Apsara oilfield, which is located in Block A covering 3,083 square km over the Khmer Basin in Gulf of Thailand. KrisEnergy holds 95% stake in the block, and Cambodian government owns remaining 5%.
Mines and Energy Ministry Secretary of State, Meng Saktheara said when the crude oil is extracted, Kris Energy will sell it to the international market because an oil refinery in the country is still under the developmental stage.
Block A is one of several oilfields found in Cambodian territorial waters in Preah Sihanouk province, situated in the southwest of Phnom Penh.