The two nations have been meeting regularly to formulate such a treaty to cover OCAs in the Gulf of Thailand. The agreement will cover the joint development of the hydrocarbon resources in Areas II, III and IV of the OCA, and the delimiting of Area I. These areas include parts of he extended Pattani basin, and the Khmer Trough.
In a statement Te said, “We are concentrating on addressing several key areas including the taxation code, the production sharing model, and the co-ordinates of the joint development area. We come together and discuss the points we have been drafting, and hopefully will reach a consensus on each point.”
“The OCA is regarded as highly prospective for hydrocarbons with an estimated 11 trillion cubic feet of natural gas reserves and undetermined quantities of condensate and oil [and] Cambodia proposes that the costs and benefits of exploiting the hydrocarbon resources in the Joint Development Area should be shared on a 50-50 basis.
“The countries have not set a timeframe for signing the treaty. It will conclude when both sides feel all aspects of the OCA have been adequately addressed,” added Te.
