The Cambodian National Petroleum Authority (CNPA) and the Korean National Oil Corp (KNOC) have signed a memorandum of understanding that will lead to greater co-operation in the field of oil and gas production, research and training.

According to the Phnom Penh Post, the accord was signed as a Korean delegation led by president Lee Myung-Bak visited Cambodia to meet with senior officials.

As well as laying the groundwork for co-operation in oil and gas training and human resources management, the memorandum also sets out plans to conduct oil and gas feasibility studies to assay offshore potential in Cambodia.

KNOC director Young Won-Kang said this will be particular beneficial as both countries look to secure stable energy supplies for the future.

According to the Energy Information Administration, Cambodia currently has no proven oil or gas reserves and is a growing net importer of both fuels. It is also yet to develop refinery capacity to process oil and gas domestically.

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