Thai Gulf's Oil, Gas Resources Could Boost ASEAN Economic Growth

Phnom Penh – On July 21, 2027, Cambodian Minister of Mines and Energy, Keo Rattanak, stated that resolving the maritime border dispute with Thailand, which has been ongoing for decades, could pave the way for the exploitation of oil and gas resources in the seabed of the Thai Gulf, valued at a substantial $300 billion. This development, he believes, would create a new driving force for economic growth and ensure energy security in the Southeast Asian region. In an analytical article published by Asia Times, Rattanak wrote that the disputed area in the Thai Gulf is believed to contain approximately 12 trillion cubic feet of natural gas and about 700 million barrels of oil. These resources have remained unexploited for over 25 years. "The energy resources under the seabed will not have much value if they cannot be utilized for the benefit of society," he stated, adding that further delays would not benefit either Cambodia or Thailand. The minister emphasized that Cambodia has always sought a peaceful resolution to this maritime dispute and considers the decision to initiate a "compulsory conciliation" process under the United Nations Convention on the Law of the Sea (UNCLOS) as the most effective mechanism for dispute resolution. Furthermore, he welcomed Thailand's decision to appoint a conciliator and participate in the process, noting that it provides a systematic mechanism to resolve differences, restore investor confidence, and move towards joint development. Citing the example of the maritime dispute resolution between Australia and East Timor, Rattanak highlighted the critical importance of legal clarity. He explained that private companies are unlikely to invest billions of dollars without the assurance that the dispute can be settled. Rattanak stressed that the true value of the mineral resources in the Thai Gulf would not only be measured by the energy produced or the revenue generated but also by the numerous jobs, businesses, and opportunities it would create for millions of people across the Southeast Asian region.