Chinese-Owned E&P Firm Awarded License for Block D, Offshore Cambodia
Chinese-owned oil & gas company Cambodian Resources Energy Development Co. Ltd. (CRED) has been awarded a 3-year exploration licence for Block D situated off the coast of Cambodia. According to official sources, the Cambodian Ministry of Mines & Energy has signed an agreement with CRED granting it the right to explore the license area covering approximately 5,500 sq. km in the Gulf of Thailand. Previous block owner CPHL (Cambodia) Co. Ltd. had its license revoked in May 2016 after it failed to meet certain terms of its agreement with the government. CRED is scheduled to begin exploration activities on the block during 2020.