Cambodia and Thailand on Thursday agreed in principle to resume negotiations on the plan for the joint development of Overlapping Claim Area (OCA) in the Gulf of Thailand, which is believed to be rich in oil and gas.
The verbal agreement was made during a meeting between the minister of the Council of Ministers Sok An, the Chairman of Cambodian National Petroleum Authority, and visiting Thai minister of energy Pichai Naripthaphan.
"In principle, we had shown our intention to resume the negotiations on the overlapping claim area," Pichai told reporters after the meeting. "We want it (the joint development of OCA) to happen for the interests of both countries in terms of energy security for another 40 to 50 years."
The OCA covers about 26,000 square kilometers in the Gulf of Thailand.
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