# Thailand and Cambodia to resume talks on offshore reserves

- Link: https://www.thailand-business-news.com/asean/cambodia/168664-thailand-and-cambodia-to-resume-discussions-on-accessing-offshore-reserves
- Published: 2024-10-15T02:22:11+07:00
- Author: Boris Sullivan

The newly established Thai government is poised to recommence discussions with Cambodia
regarding a disputed maritime zone, which is thought to contain natural gas and 
oil reserves valued at billions of dollars.

In a significant development for Southeast Asia’s energy sector, Thailand and Cambodia
are poised to reengage in discussions over a highly coveted offshore oil and gas
field. This field, which has been a subject of contention since the 1970s, is believed
to contain substantial reserves that could have far-reaching economic and strategic
implications for both nations.

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The field in question spans an area of approximately 26,000 square kilometers and
is estimated to hold around 10 trillion cubic feet of natural gas and 300 million
barrels of crude oil. The potential value of these reserves is staggering, with 
estimates reaching as high as $300 billion. The resumption of talks comes at a critical
juncture, as Thailand seeks to address its dwindling energy reserves and Cambodia
looks to capitalize on its untapped resources.

The negotiations are set against a backdrop of historical diplomatic tensions and
sovereignty concerns, which have previously stalled progress. However, the current
geopolitical climate and the pressing need for energy security are driving both 
countries towards a collaborative approach. Thailand’s new administration, under
Prime Minister Paetongtarn Shinawatra, has prioritized the joint exploration as 
one of its urgent goals, signaling a renewed commitment to resolving the longstanding
dispute.

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The talks are expected to focus on the fair exploitation of the reserves, with both
sides proposing revenue-sharing models that could benefit their respective economies.
The outcome of these discussions could not only bolster Thailand’s energy supply
for an additional 20 years but also strengthen the bilateral relations between the
two neighbors.

As the world gradually transitions to renewable energy sources, the window for capitalizing
on fossil fuel reserves is narrowing. This adds a sense of urgency to the negotiations,
as both Thailand and Cambodia recognize the importance of harnessing these resources
while they remain valuable.