Oil and gas Shell is exiting the long-stalled Greater Sunrise offshore gas project in the Timor Sea, agreeing to sell its interest to the Timor-Leste government for $300 million. Shell follows the steps of ConocoPhillips which announced the sale in October.
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The accounting value of the Timor-Leste (East Timor) Oil Fund stood at US$17.155 billion at the end of September, according to information available on the central bank’s website.
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The Timor-Leste (East Timor) government is due in 2019 to launch tenders for new onshore oil exploration blocks in the south of the country, the interim Minister of Oil and Mineral Resources announced on Tuesday in Dili.
Read MoreTimor-Leste (East Timor) has other oil deposits with potential for commercial exploration in the Greater Sunrise field, which will guarantee production over the next few decades, the Timorese Prime Minister said at a conference in the Australian city of Perth.
Read MoreFinnish group Wärtsilä will continue to operate and maintain the 119-megawatt Hera and 136-megawatt Betano natural gas plants in Timor-Leste (East Timor) under a new five-year contract signed with Electricidade de Timor Leste (EDTL), the group announced.
Read MoreThe final balance of the Timor-Leste Oil Fund fell to US$ 5.8 billion (about 570% of GDP) in 2016, the second year of a net reduction, the International Monetary Fund (IMF) reported in a statement released in Washington.
Read MoreOilex, in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area (‘JPDA’) 06-103 Production Sharing Contract (‘PSC’), has received a Notice of Intent to Terminate the PSC from the Autoridade Nacional do Petroleo (‘ANP’). The Notice follows on from the recent rejection by the ANP of the Joint Venture Request to Terminate the PSC by mutual agreement, in good standing and without penalty, as reported by Africa…
Read MoreA report by Report By CIP – Center for Public Integrity says “Inflated Exploration Costs Undermining Future Government Revenue”. Extractive sector companies regularly avoid taxes by exaggerating expenses. Through 2012, Anadarko claimed exploration costs in Mozambique of $700 million. One year later they claimed exploration costs of $3 billion. The Government should immediately audit exploration expenses for Anadarko and ENI. The contracts allow for an initial audit of the last three years, with provision to go…
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