The Council of Ministers on Friday approved a draft of the Law on Petroleum and Petroleum Production Management which aims to manage Cambodia’s oil resources.
Composed of nine chapters and 72 articles, the law seeks to boost the sustainable and efficient development of the oil industry in Cambodia, according to a press release issued by the Council of Ministers.
Cheab Sour, director-general of petroleum at the Ministry of Mines and Energy, told Khmer Times on Friday that the law gives authority to the ministry to manage all activities in the petroleum industry, from study and research to business development.
“The law will create confidence in our oil industry. It will help investors understand the procedures they have to follow to get their projects approved,” he said.
“It will help increase transparency when it comes to investment in the sector and create a level playing field,” Mr Sour added.
KrisEnergy is expected to extract the first drop of crude oil late this year or early 2020, the Ministry of Mines and Energy said last week.