Cambodia begins first crude oil production in joint venture with Singapore’s KrisEnergy

Cambodian Prime Minister Hun Sen on Tuesday announced that the kingdom had extracted its first drop of crude oil from its waters, a long-awaited milestone for one of Southeast Asia’s poorest nations.The joint venture between Cambodia and Singapore’s KrisEnergy will see the extraction of the oil from fields in the Gulf of Thailand.The area boasts significant oil deposits, with Chevron first finding proven reserves off Cambodia in 2005. But production stalled as the government and the US giant…