7.500
%
Neutral
145
mm boe
0
%
Cambodia's fiscal regime remains one of the simpler ones to navigate, but limited production since the failure of Apsara leaves the sector marginal. The July 2025 border conflict with Thailand has stalled talks on the overlapping claims area, and there is a risk that any future output will be squeezed for revenue. Outlook maintained because simple terms are offset by limited prospectivity and border tensions. Outlook: Neutral. Risk premia unchanged at 7.5%.
October 7, 2026
Asia - South East
mm bbl
bcf
South eastern Asia, bordering the Gulf of Thailand, between Thailand, Vietnam, and Laos.
Multiple (PSC/Concession)
In Cambodia, the oil and gas fiscal regime is classified as the Real Regime System of Taxation (a self-assessment system). An additional tax on excess income also applies and this tax is based on an excess accumulated income to accumulated expense ratio
Cambodia remains a one-party-dominant state under Prime Minister Hun Manet, who succeeded his father in 2023. A deadly border conflict with Thailand erupted in July 2025 before a ceasefire was agreed. US and UK guidance note the liberal 2021 Investment Law and dollarised economy, but highlight pervasive corruption, weak courts, deep reliance on Chinese capital and concerns over scam compounds. The country's first oil field, Apsara, failed shortly after first production in 2021, and Cambodia relies on imported fuels, although the first Chinese-backed refinery project is under development.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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