“This bidding round marks the first time petroleum companies will be able to acquire rights to explore for petroleum resources in areas under Timor-Leste’s jurisdiction,” said Alkatiri.
“In this bidding round we are offering petroleum companies access to frontier opportunities while working with a Government that has a proven track record in administering large-scale petroleum development,” he said.
In July East Timor’s National Parliament approved a competitive, stable and transparent legal regime for the development of the nation’s onshore and offshore oil and gas resources, and the prudent and long-term management of petroleum revenues.
The bidding round follows the first comprehensive seismic survey of the relevant areas, carried out by a consortium comprising PetroChina-owned BGP and Norway's GGS. The results of the 6600km 2D survey and other relevant geological data are now available to the industry.
Interpretation of the first independent 2D seismic survey is now nearing completion, and several undrilled potential prospects have been identified in offshore East Timor, between the Joint Petroleum Development Area and the country’s southern coastline.
The areas available for licensing have several potential petroleum systems present, and are surrounded by significant petroleum discoveries and occurrences on all sides.
“My Government has been advised that the whole area looks attractive and appears to be a prospective hydrocarbon province,” said Alkariti.
The bidding round will be a competitive, transparent and accountable process, Alkatiri said. It would take place in accordance with regulations to be made available in early September on the website www.gov.east-timor.org/emrd
Some of the findings will also be presented at international roadshows to be held in September.
Alkatiri will open the roadshow in Singapore on September 2. Then a delegation from the East Timorese government and the Timor Sea Designated Authority (TSDA) will make presentations to industry in London on September 6, Calgary on September 9 and Houston on September 13.
The TSDA is also releasing new acreage in the Joint Petroleum Development Area in the Timor Sea, which is managed jointly with the Australian Government.
The deadline for bids for the Timor-Leste round is the end of the first quarter 2006, with awards to be made in the second quarter.
