AFTER enacting the onshore petroleum laws at the end of May the government of Timor-Leste has now approved its national oil company Timor Gap to take a 20% participating interest in any production sharing contracts awarded from its upcoming licensing round.
The round began October last year and runs a year. It was launched at the nation's inaugural oil and gas conference held in Dili. Eleven offshore blocks and seven onshore are available.
Timor Gap has also recently farmed into the former Joint Petroleum Development Authority permit PSC 11-106 and has also entered two onshore PSCs with Nepean Engineering subsidiary Timor Resources.
It has a PSC with Singapore-based Sunda Gas, awarded in November and another with Inpex dated September.
It holds a 56.56% stake in the Greater Sunrise gas project with operator Woodside Petroleum.
Source: Energy News Bulletin
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