DILI, 30 november 2020 (TATOLI)— Prime Minister, Taur Matan Ruak, acknowledges that the cost of the petroleum investment in the Greater Sunrise as being significant but also transformative into other viable sectors and industries.
“Although the cost of the investment is great, the hope is that the project will generate additional revenue to deposit in the petroleum fund, which is near $30 billion. In this perspective, the petroleum investment is not an obstacle for the investment in people, but it will become as a facilitator from the development,” Taur Matan Ruak said at the OJE discussion proposal.
According to PM, the $30 billion still essential to finance the development and international transference that guarantee for the next generation.
Thus, the government already has the strategy to explore the new oil block in the Greater Sunrise, for the state to construct the state through oil resources.
“Our oil resources will continue financing the construction of the nation and investment in the Health, Education and Good life for people. These resource management have been good until today. When there are no more oil resources in Bayu Undan the new strategy is to explore the new oil blocks at the Greater Sunrise,” he explains.
The General State Budget of 2021, $8.5 million will be allocated to the Infrastructure and the Tasi Mane projects and $71 million for Timor Gas and Petroleum, Public Entrepreneurs (Timor GAP, EP) to contribute for the management of oil resources.
In 2018 Timor-Leste and Australia negotiated on the maritime border, which will increase the revenue from 50% to 70% when the oil is processed in Timor-Leste.
“The Estimate from the ConocoPhillips, Shell and Osaka Gas approved that several oil block can produce $50 billion revenue and the estimated cost for the investment that needs to establish is the petroleum industry in Tasi mane which is near $18 billion,” he said.
Journalist: Florêncio Miranda Ximenes
Editora: Julia Chatarina/Nick Kettle