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Simultaneous talks are being held with officials from the Australian and East Timorese governments about a production sharing agreement covering the gas phase of the Timor Sea project, and with Woodside covering a production sharing contract for the Kuda Tasi and Jahal reservoirs.
Bayu-Undan partner Conoco Phillips said it had planned to begin work on the LNG plant by the end of April and that it has signed contracts to supply LNG to Tokyo Gas and Tokyo Electricity under 17-year contracts that require shipments to begin in 2006.
The reservoirs in the Timor Seas Joint Petroleum Development area contain up to 400 million barrels of liquids and 3.4 trillion cubic feet of gas.
