Sao Tome and Principe and Timor-Leste consider consortium for oil exploration in Timor

14 February 2014

Sao Tome and Principe and Timor-Leste (East Timor) was due Friday to start a re-evaluation of the bilateral oil agreements and a study to set up a consortium for onshore exploration of the Community of Portuguese-speaking Countries (CPLP), the Sao Tome National Oil Agency (ANP) said Thursday.

According to a statement from the ANP sent to Macauhub, both for the evaluation of the studies and consideration of the agreement, East Timor is represented by a delegation of nine people including the president of the ANP, Gualdino da Silva and the chairman of the National Oil Company (CNP) of Timor-Leste, (Timor Gap, EP), Francisco Monteiro.

The statement noted that the Timorese authorities would present “a proposal to set up a CPLP consortium for onshore exploration in Timor-Leste” based on a strategic partnership between member-countries as well as “assessment of the level of implementation of activities set out in the memorandum of understanding,” in the oil and gas sector signed by both countries in 2011.

As well as two-day technical working meetings followed by meetings with Sao Tome political leaders, the ANP’s statement also announced a talk to be held in the capital of Sao Tome entitled “Timor-Leste’s experience in managing oil funds and application of principles of transparency.”

The agreement signed three years ago by Sao Tome and Principe and Timor-Leste established the provision of technical and institutional assistance to the Sao Tome Natural Resources Ministry, including the ANP. (macauhub)