PHNOM PENH (AFP) – Cambodian Prime Minister Hun Sen said Tuesday he would terminate his country's contract with Chevron if the US energy giant does not begin oil production from offshore fields by late 2012.
Following the discovery of oil in 2005, Cambodia was quickly feted as the region's next potential petro-state, but production has stalled as the government and Chevron appear to have failed to agree over revenue sharing.
"There is no oil production yet, but we have said that Chevron must produce oil by late 2012, otherwise we will have to terminate the contract, (if) negotiation cannot reach an agreement," Hun Sen said.
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