Energy Biz Review: Chevron Goes To Cambodia, Total Skips The Arctic
The government of Cambodia anticipates that Chevron Corporation (NYSE:CVX) will start the development of the country’s first offshore oil field early in 2013, and hopes to become a regional favorite for oil and gas investment.
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Total’s (NYSE:TOT) Chief Executive Christophe de Margerie has told The Financial Times that the risk of an oil spill in the environmentally sensitive Arctic was too high to justify offshore exploration, which is the first time that a top oil player has publicly spoken out against such activities there. The company is among others such as Royal Dutch Shell (NYSE:RDSA), ENI S.p.A (NYSE:E) and Statoil ASA (NYSE:STO) with deals to explore for oil in Alaska’s or Russia’s parts of the Arctic Ocean.