World of Oil ///

Chilean government officials launched an international tender for exploration and exploitation in the Magallanes region, at the southern tip of South America. The tender is for 10 on- and offshore blocks that cover 32,356 sq km. Mining Minister Karen Poniachik estimated that at least $200 million would be invested for exploration of these blocks. Chile is forced to import 98% of the oil and 75% of the gas that it consumes, due to low domestic output. Cambodian outlook vague Prime Minister Hun Sen said that Cambodia’s petroleum prospects are uncertain, reversing his earlier comments that the country could begin tapping oil reserves by 2010. “Oil under the sea is still a dream. It is better to think of how to keep the current economy growing,” said Sen, in a broadcast speech. Chevron had said two years ago that it struck oil in four of five test wells drilled off Cambodia’s southern coast.

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