Post by : Shakul

Cambodia has intensified efforts to unlock massive offshore oil and gas reserves worth nearly 300 billion dollars as the global fuel crisis continues to worsen due to tensions around the Strait of Hormuz. Cambodian officials say the ongoing energy instability has made energy security an urgent national priority.

Cambodia’s Energy Minister Keo Rottanak said the crisis caused by conflict involving Iran has highlighted the risks faced by countries that rely heavily on imported fuel supplies. The Strait of Hormuz remains one of the world’s most critical oil shipping routes, carrying nearly one-fifth of global oil supplies, and any disruption there has severe consequences for energy markets worldwide.

The Cambodian government is now pushing for a faster resolution of its long-running maritime dispute with neighboring Thailand. Both countries claim a large section of the Gulf of Thailand believed to contain nearly 11 trillion cubic feet of natural gas along with major oil deposits beneath the seabed.

According to Cambodian officials, several international energy companies, including major global firms, have shown interest in exploring the disputed offshore region if both nations can settle their disagreements peacefully. Cambodia believes the energy resources could support economic growth, industrial expansion, and long-term energy independence for both countries.

However, the dispute remains politically sensitive. Earlier this month, Thailand ended a decades-old agreement that aimed to promote joint offshore energy exploration between the two nations. Cambodia opposed the move and now plans to seek a compulsory conciliation process under the United Nations Convention on the Law of the Sea, also known as UNCLOS.

Cambodia says the UN conciliation mechanism offers the best peaceful solution for resolving the maritime boundary disagreement. Officials hope discussions under international law could reopen opportunities for cooperation and investment in the energy sector.

Experts warn that delays could reduce investor confidence because offshore exploration projects require massive funding, advanced technology, and long-term stability. Cambodian authorities say waiting too long may make it harder to attract international financing in the future as global energy markets rapidly change.

Cambodia has already faced setbacks in its oil ambitions. The country produced its first crude oil in 2020 through a partnership involving Singapore-based KrisEnergy, but the project collapsed after the company entered liquidation only months later. Since then, the government has been trying to revive confidence in the sector.

Despite growing renewable energy capacity through hydropower and solar projects, Cambodia believes fossil fuel development remains essential for supporting industrial growth and future economic expansion. Officials say energy security has now become one of the country’s most critical strategic priorities.

#Energy #Cambodia #World News