Cambodia is willing to renew negotiations with Thailand for the joint exploration and development of an offshore oil and gas field in the Gulf of Thailand. — Photo The Nation/ANN

BANGKOK — Cambodia has said it is willing to renew negotiations with Thailand for the joint exploration and development of an offshore oil and gas field in the Gulf of Thailand.

The area targeted is believed to hold at least US$300 billion worth of reserves.

Pen Bona, the Cambodian government spokesperson, told Bloomberg News that his country remains committed to discussing the issue with the Pheu Thai-led governemtn.

“If the new government of Thailand is ready, we are happy to continue the negotiations,” he told Bloomberg.

With Paetongtarn and Hun Manet leading their respective countries, the joint development of the OCA is likely to be achieved, the observers said.

Finance Minister Pichai Chunhavajira had indicated at the government policy debate in August that the issue of territorial claims could be put aside for now and talks could focus on the joint development of the OCA.

“We just to have neighbourly chats and try to make use of the resources. That will boost security as well as cut utility bills,” he said.

Pichai, who also doubles as deputy PM, had said that the Thai government was in the process of negotiating the joint development of the OCA with Cambodia.

On September 24, the National Economic and Social Development Council (NESDC) advised the government to quickly hold talks with Cambodia on the OCA, adding that the talks could use the model of the successful JDA (Joint Development Area) negotiation between Thailand and Malaysia. They added that Thailand had sufficient investment funds to facilitate various forms of operations in the OCA.

The negotiation must focus on securing long-term energy stability for the mutual benefit of both countries, NESDC secretary-general Danucha Pichayanan said.

In 1979, Thailand agreed with Malaysia on common boundaries in the lower Gulf of Thailand and marked a relatively small area of 7,250 square kilomeres for an ongoing joint development project. — The Nation/ANN