The recently created East Timor state oil company, Companhia Nacional de Petróleo de Timor-Leste (CNPTL) plans to start prospecting for oil under the terms of a partnership with Italian group ENI and Australian group Inpex, according to an official statement issued Friday in Dili.
The statement said that the “production sharing contract,” between Timor Gap, a wholly-owned subsidiary of CNPTL, and ENI and Inpex was signed on 13 April and is intended for oil and gas exploration in the Timor Sea.
The operation will be carried out in the ADPC 11-106 joint oil development area, located around 240 kilometres south of Dili and 500 kilometres northeast of Darwin, covering an area of 662 square kilometres.
In this partnership, the ENI group owns 40.53 percent and will be the operator, Inpex Offshore Timor-Leste, Ltd. controls 35.47 percent and Timor Gap 24 percent.
The aim of CNPTL is to act on the state’s behalf in oil and gas sector deals, including both onshore and offshore activities both in Timor and internationally. (macauhub)