"Thailand, Cambodia review gas cooperation in disputed waters." The Nihon Keizai Shimbun reported on the 27th that a long-stalled gas development project in waters claimed by both Thailand and Cambodia is being restarted, with mutual concerns over energy security prompting the two countries to shelve their territorial dispute.

"The two sides agreed to further discuss the issue of joint exploration of oil and gas resources in the overlapping waters between the two countries," Thai Prime Minister Saitar said after meeting with visiting Cambodian Prime Minister Khon Manay in Bangkok on the 7th. The area, located in the middle of the Gulf of Thailand, covers an area of more than 26,000 square kilometers and no exploration activity has been carried out. Thailand estimates that the region's energy reserves are worth about $557 billion.

Thailand and Cambodia first signed an agreement in 2001 to jointly explore and develop energy resources in the region. Later, bilateral relations soured over competing claims to a UNESCO World Heritage site located on the mountainous border between the two countries. Then Thai Prime Minister Abhisit Vejjajiva unilaterally scrapped the joint exploration agreement in 2009. Both sides have since tried to resume talks, but have failed.

The Nihon Keizai newspaper said that Seta and Hongmanai, who both took office last year, have met several times since taking office to help breathe new life into natural gas development projects in the region. Natural gas accounts for a large proportion of Thailand's energy consumption, but due to Thailand's limited natural gas reserves, it has to rely on imports to meet. Due to changes in the international situation and frequent regional conflicts, the risk of relying on imported fuel is further highlighted. Thailand and Cambodia have an existing natural gas pipeline near the disputed waters, and developing energy resources there could bring immeasurable benefits to Thailand's energy security.

At the same time, Cambodia is equally dependent on hydropower, coal and energy imports from neighboring countries. With no gas-fired power plants or petrochemical plants, the country previously used little natural gas. Khon Manay announced plans late last year to build Cambodia's first gas-fired power plant near the Thai border to meet growing energy demand. Working with Thailand would give Cambodia access to cheaper natural gas than importing its own fuel.

Thailand and Cambodia have each granted concessions to several energy companies to develop the disputed waters, but it remains to be seen whether they will be able to set aside competing national interests and sort out the overlapping concessions of energy companies, the Nikkei said.