Canadian Company EnerCam Resources Granted Final Approval to Advance Cambodia’s Oil and Gas Onshore Project
EnerCam Resources Co. Ltd., a subsidiary of the Canada-listed company Angkor Resources Corp., has received formal approval from the Cambodian government to advance its onshore oil and gas development project in Block VIII, located in the country’s southwest.
In a press release dated March 12, 2025, Delayne Weeks, CEO of Angkor Resources Corp., announced EnerCam Resources’ receipt of approval from the Ministry of Mines and Energy (MME) to proceed with the financing and development of the Block VIII onshore oil and gas production project.
“We are very keen to get started on the project. Our goal is to prove commercial oil resources that will lead to onshore oil and gas production. Oil production could transform Cambodia for the better by providing its own source of national energy,” said Weeks.
She further elaborated on the benefits of locally sourced oil production, highlighting that it could enhance energy independence, create vocational training opportunities, and serve as a catalyst for economic growth by fostering support industries like trucking, steel fabrication, and safety.
The ministry’s formal approval allows for the company to immediately commence an Environmental Impact Assessment, followed by a seismic survey to identify drilling targets. According to EnerCam Resources, no exploratory wells have been drilled onshore in Cambodia before.
Cambodia’s oil and gas Block VIII spans Kampong Speu, Koh Kong, Preah Sihanouk, Kampot, and Kep, covering an area of 3729 square kilometres. According to EnerCam's previous study, the company has identified and sampled numerous oil seeps in Block VIII. If a foreland sedimentary basin is present and proven, it has the potential for large deposits of 50-400 million barrels.
Weeks added, “In time, on a national level, oil production in the Kingdom has the potential to make Cambodia, with a population of under 17 million people, an exporter of oil instead of an importer of all its hydrocarbon-based energy products.”
Public-Private Production Sharing Agreement
The production sharing agreement (PSC) between the Royal Government of Cambodia and EnerCam outlines a 30-year term for exploration and production, with provisions for renewals based on production outcomes. Under the PSC, the government will receive a 12.5 per cent royalty on all gross sales of oil, a varying percentage of revenue based on the number of barrels produced, and a corporate profit tax of 30 per cent.
EnerCam Resources History and Production Timeline for Block VIII
In February 2025, EnerCam signed a funding and expertise agreement with 358140 Alberta Ltd. to finance and develop oil and gas production for the Cambodian Block VIII onshore project. Under this agreement, 358140 Alberta Ltd. will be responsible for funding 100 per cent of the project, while EnerCam will serve as the operator from exploration through to production.
The company’s press release stated that although the timeline with the MME for exploration, development, and initial production is set for six years from the start, it is the intention of EnerCam and its funders to accelerate the program to less than half that time. A significant undertaking of the project is the educational component and the development of a national workforce for the industry.
Speaking on behalf of the MME, Cheap Sour, Secretary of State, told the local press that the ministry notified EnerCam Resources on March 11, 2025, that it is required to fulfill its outstanding financial obligations and implement the oil and gas exploration plan agreed upon in 2022, after the company delayed it for more than two years.
He explained that the company’s activities were delayed due to the impact of the COVID-19 crisis, the global economic crisis, and the ongoing wars in Ukraine and the Middle East.
So far, the MME has agreed to the company’s exploration plan for 2025, allowing the company to fulfill its past financial obligations and continue its oil and gas exploration activities. The company can explore for seven years and can extend this period for three more years. If it finds oil or gas that can be commercialised, the company can proceed with business operations in the future.
Cambodia’s Oil and Gas Industry
While regional peers like Vietnam and Thailand are already extracting oil and gas, Cambodia still relies on imports. According to the Ministry of Commerce, Cambodia's imports of diesel fuel, petroleum oil, and gas were around USD 2.69 billion in 2024.
Nevertheless, Cambodia has initiated oil exploration in areas divided across 25 blocks, including six offshore and 19 onshore. No onshore oil and gas wells have been drilled in the country yet, but one offshore well was previously successfully pumped by Singaporean company KrisEnergy. Oil production at this offshore well, however, fell apart after the company faced financial difficulties and failed to restructure its debt.
Furthermore, prospects of holding discussions with Thailand to obtain natural gas and oil from resource-rich overlapping claims areas (OCA) in the Gulf of Thailand – with the potential of tapping into up to 500 million barrels of oil and gas deposits – have been largely marred by political sensitivity and, therefore, stalled.
About Angkor Resources Corp.
Angkor Resources Corp. is a public company listed on the TSX Venture Exchange in Toronto, Canada, while its energy subsidiary, EnerCam Resources Co. Ltd., operates in Cambodia.
Since 2022, Angkor Resources’ Canadian energy subsidiary, EnerCam Exploration Ltd., has been involved in gas/carbon capture and oil and gas production in Evesham, Saskatchewan, Canada.
In addition to its oil and gas project, Angkor Resources also owns Angkor Gold Cambodia, which is involved in gold and copper mining at several sites in Cambodia, including in Andong Meas and Oyadao North in Ratanakiri, and Andong Bor in Oddar Meanchey.