Indian company signs oil production contract for Timor Sea

17 November 2006

Dili, East Timor, 17 Nov – The government of East Timor and Indian oil company Reliance Industries Thursday signed a contract for oil and gas exploration in an area under East Timor’s jurisdiction, the country’s Minister of Natural Resources Mineral and Energy Policy, José Teixeira said in Dili.

The signing of the contract closes the first round of bids on waters under East Timor’s sovereignty and follows the contract signed on November 7 with Italy’s ENI, for five areas.

‘Reliance Industries, as well as ENI, will now begin exploration of their respective areas, a process that could take between three and seven years to complete,” said Teixeira.

Similarly to the contract with ENI, Reliance Industries’ contract was originally to have been signed on June 20 this year, but the political crisis in the country beginning in April forced the ceremony to be delayed.

For this international tender process alone, the East Timorese government has netted US$2.4 million. (macauhub)