The yellow areas are Cevron's concessions.Associated Press
By SOPHENG CHEANG ,
6th April, 2010
PHNOM PENH, Cambodia -- Prime Minister Hun Sen pressed Chevron Corp. on Tuesday to get crude flowing from this impoverished country's first major oil discovery, threatening to cancel its rights to the offshore site if production does not start by 2012.
Hun Sen's announcement reflected the government's urgency about reaping oil revenues it says will help to finance develop and reduce poverty.
Chevron ( CVX - news - people ) drilled 15 wells in 2007 at the site, Block A, west of coastal Preah Sihanouk province, and says it is evaluating its commercial potential.
"We have given a deadline to the Chevron company to produce oil by the end of 2012. If not, the contract will be terminated," Hun Sen said at a graduation ceremony on the outskirts of the capital, Phnom Penh.
Hun Sen's announcement reflected the government's urgency about reaping oil revenues it says will help to finance develop and reduce poverty.
Chevron ( CVX - news - people ) drilled 15 wells in 2007 at the site, Block A, west of coastal Preah Sihanouk province, and says it is evaluating its commercial potential.
"We have given a deadline to the Chevron company to produce oil by the end of 2012. If not, the contract will be terminated," Hun Sen said at a graduation ceremony on the outskirts of the capital, Phnom Penh.
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