East Timor company to sell oil in Macau

21 March 2006

Macau, China, 21 March – Ta Fui Oil, an oil trading company from East Timor, Monday opened an office in Macau for sale of oil products in the region, company officials said.

Lourenço de Oliveira, the company’s chairman, said that the branch had been opened in Macau taking into account the territory’s potential to “channel commerce with China.”

“Macau has the possibility of turning into a platform for oil industry contacts between Asia, particularly China, and East Timor,” Oliveira said.

Oliveira said that Ta Fui Oil would not only sell oil products from the Timor Sea, but also from other regions.

Ta Fu Oil, which sells crude oil and natural gas, said that at a later date it would open offices in Malaysia and Singapore.

As part of Chinese-East Timor cooperation Chinese state oil company Petrochina is carrying out oil exploration studies in East Timor’s offshore area, and a second phase of seismological studies, which may be carried out by other Chinese companies, is due to begin soon.

Currently a public tender is underway in East Timor for the exploration of 11 oil blocs, in which 36 oil and consultancy companies are taking part.

The blocs being auctioned off are located in the Timorese exclusive economic area, outside of the area under dispute with Australia, and which specialists believe to have high quality oil and natural gas.

The seismic studies carried out by Petrochina and Norway’s Global Geo Services identified over 20 potential drilling areas in the East Timor exclusive economic area. (macauhub)