Cambodia has begun extracting its first crude oil from fields in the Gulf of Thailand, in a venture between Singapore’s KrisEnergy Ltd and the government, both parties said on Tuesday, bringing an end to years of delays.

Prime Minister Hun Sen announced the news on social media while KrisEnergy said the concession started production on Monday and would progress in phases once new wells were commissioned and completed."I am pleased to inform all Cambodians about the start of Cambodia's first oil production in the long-awaited Block A," Hun Sen said on his Facebook page.

 Kelvin Tang, CEO of KrisEnergy's Cambodian operations, called the event "an important strategic milestone" for the company."There has been a steep learning curve for all involved," Mr. Tang added in a statement. Cambodia and Singapore-listed KrisEnergy signed a pact in 2017 to develop 3,083 square kilometres of the Khmer basin in the Gulf of Thailand known as Block A.

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