DILI, 01 setembru 2021 (TATOLI) – The Government of Timor-Leste, through, Timor Gas and Petroleum (TimorGAP), negotiated the Greater Sunrise oil and gas exploration field with the Woodside and Osaka Gas company.
“The Greater Sunrise oil and gas field project has to benefit the people and the government of Timor-Leste,” Antonio Jose Loiola, the President and CEO of Timor Gap said in a statement.
The Government of Timor-Leste, in 2019 spent US$650 million on purchasing the Royal Dutch Shell and ConocoPhillips stakes in the Greater Sunrise natural gas fields of the South of the country, which gave Timor Gap, the National Oil Company of Timor-Leste, a 56.56 percent interest in the Greater Sunrise fields alongside continuing partners, Woodside (operator) with 33.44 percent interest and Osaka Gas with 10 percent.
“As a subsidiary company of Greater Sunrise oil and gas field project with getting US$82.500 per day, Timor GAP was expected to pay 4.5 percent interest in the investment from April 19, 2019,” said the President.
Loiola informed that according to international standards for the oil and natural gas industries, the exploration project has to be started from upstream followed by midstream, and then downstream.
“Government needs to know how many offshore and onshore oil fields to have good management on the revenue of oil production to benefit the people. Therefore, redefining the cost of the Tasi Mane project is important to be presented to the government to consider in its execution,” he said.
During the discussion with the community in Betano, Loiola said Timor Gap presented a new concept of the Tasi Mane project, adding the concept was designed following the international standards for the oil and natural gas industries.
Journalist: Florencio Miranda Ximenes
Editor: Julia Chatarina
Translation: Filomeno Martins
Editor: Nelia Borges Fernandes