The survey was shot by the PetroChina owned BGP and Norway's GGS consortium which won an open tender bid last year which the Timor-Leste authorities said also emphasised the training of local staff.
Geir Ytreland, Dili-based manager of the Norwegian Government's Norad technical assistance project, said results of the survey had far exceeded expectations. It was completed ahead of schedule with an additional 500km of data produced on top of the specified 6,000km.
The results of the survey would be available for acquisition by companies in April, and formal bidding for exploration rights will commence in June. The government plans to award exploration rights at the end of 2005, said Ytreland.
The area covered by the survey extends from the southern coastline of Timor-Leste to the northern border of the Joint Petroleum Development Area (JPDA).
Prime Minister Mari Alkatiri said this initiative indicated that Timor-Leste was determined to press ahead with the development of its own petroleum potential in onshore and offshore areas, and would not be distracted by the dispute with Australia.
He was commenting after the seismic survey vessel MV Zephyr returned to Dili yesterday with its crew of 39, including three Timorese trainees.
"This survey puts our new nation on a sound footing to develop petroleum resources in our own area of the Timor Sea. This data will shortly be made available for industry to bid for exploration rights," he said.
He added that the Timor-Leste National Parliament was expected to soon pass a package of laws for the licensing of offshore and onshore development. A bidding round for onshore development rights could take place soon after the laws have been ratified.
Ytreland, a geologist of 30 years, also said many of the known oil-bearing rock formations in the prospective part of the Timor Sea were very similar to what was found in the North Sea.
There are also indications of potentially large hydrocarbon resources in limestone reservoirs, similar to what is seen in the Middle East, he said.
"There are also dozens of onshore oil and gas seeps. This is indicative of deeper lying oil pools, derived from a petroleum system very similar to those found in the Timor Sea today," he said.
Information about forthcoming bid rounds can be found at www.timorseaoffice.gov.tp
