ChevronTexaco Awarded Block Offshore Cambodia

ChevronTexaco together with Mitsui has won an exploration license offshore Cambodia. The companies have been awarded Block A by the Royal Government of Cambodia. Chevron Overseas Petroleum (Cambodia) Ltd will be the operator with a 70 percent stake in Block A, which covers 6,278 square kilometers in the eastern section of the Gulf of Thailand. A subsidiary of Japan's Mitsui Oil Exploration Co. will hold the other 30 percent stake in the block.

This is ChevronTexaco's first venture into Cambodia's new oil exploration sector but the company has had an established downstream retail oil marketing business in the country since 1995. ChevronTexaco also has oil production in the Thailand side of the Gulf of Thailand and is exploring in overlapping claims area between Thailand and Cambodia.