News listings
Bayphase Aug 2017

energy-pedia licensing

Timor Leste flagTimor Leste

Central & SE Asia / Australasia >>> Timor Leste

Timor-Leste signs onshore Production Sharing Contracts


13 Apr 2017

Photo - see caption

On Friday, April 7th 2017, ANPM (Autoridade Nacional Do Petroleo e Minerais Timor Leste) awarded onshore Production Sharing Contracts (PSC) TL-OT-17-08 and TL-OT-17-09 to TIMOR GAP Onshore Block, Unipessoal, Lda (a subsidiary of TIMOR GAP, E.P.) and to TIMOR RESOURCES PTY LTD.

Considering the importance of petroleum resources for the National Strategic Development, there is a need to increase oil exploration activities in the Territory of Timor-Leste.

In December 2015, Government approved the Resolution No. 44/2015 of 22nd December, which authorised  the participation of TIMOR-GAP, E.P in the Production Sharing Contracts both in onshore and offshore of the Territory of Timor-Leste. This includes the latest Government Resolution No. 39/2016 of 23rd November, on block subdivision for onshore, and Dispatch No. 09 / GMPRM / XI / 2016, on direct award of petroleum contracts by means of direct negotiation, in certain onshore blocks in South-West Timor-Leste.

The Law 13/2005 of 2nd September on Petroleum Activities Law and Decree-Law No. 6/2015 of 11th March confer on the Ministry of Petroleum and Mineral Resources powers to authorize oil and gas companies to undertake studies, explore and develop the existing petroleum resources in the Territory of Timor-Leste, in order to generate maximum benefit to the country and its people.

Acting pursuant to the Petroleum Activities Law, the Ministry herewith awards these petroleum contracts by means of direct negotiation based on public interest to TIMOR GAP, incorporated and organized under the existing laws of the Democratic Republic of Timor-Leste, and TIMOR RESOURCES PTY LTD, a company incorporated in Australia, and both parties are collectively referred to as 'Contractor' for the Production Sharing Contracts (PSC’s) TL-OT-17-08, which covers Covalima and Bobonaro Municipalities, and TL-OT-17-09, which covers Manufahi and Ainaro Municipalities.

The minimum work commitments for each of the PSCs are outlined in the table below:

Photo - see caption

The participation of the TIMOR GAP and its partners will promote capacity building for Timorese nationals and transfer of knowledge and technology on the petroleum industry and enable a greater participation of Timor-Leste nationals in the petroleum industry in the country.

Original article link

Source: ANPM





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Publicly Available Deals

See all deals...

Subscriber Only Deals

Current deals: 1655
Completed deals: 4672

Company Profiles

Current Company Profiles: 2515

Corporate Activity

Current Corporate Activity articles: 2929

Companies Looking

Current number of articles: 417

Company Sales

Current Company Sales articles:1177

Geostudies

Current Geostudies articles: 519

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Lynx Information Systems
Rose & Assocs 149
RSK Logo 149
Polarcus Logo 149
SLR Consulting logo
Government of South Australia
energy365
Union Jack Oil 149
count geophysics
Bayphase
EP Consult Energies
KL Publishing
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com