Portugal’s Ensul/Meci short-listed for oil exploration in East Timor

17 February 2006

Lisbon, Portugal, 17 Feb – Portuguese group Ensul/Meci has been short-listed for the tender to attribute licenses for oil exploration in East Timor, a country in which the group already has a presence in the trading and real estate sectors, the group’s chairman, António Couto, said Thursday.

Speaking to Portuguese financial daily, Jornal de Negócios, Couto declined to give details about the proposal his group was due to present in mid March, and merely said that he saw teh work teh group had already done in Timor as positive.

The Ensul/Meci group, which is due to change its names to Esphera Capital, is involved in the real estate and construction sectors in Timor as well as in vehicle trading.

According to Couto, “the fact that it is a small country does not mean there are no opportunities. Timor has excellent opportunities for companies.”

The auction of licenses for operating oil blocs in the Timor Sea, launched by East Timor’s government, ends on March 17.

The final report on auction proposals is scheduled for presentation by Prime Minister Mari Alkatiri on April 18. (macauhub)