Timor-Leste intends to fund development of the Greater Sunrise oil field project without using the funds in the country’s Oil Fund, said Timor Gap chairman and CEO Francisco Monteiro.
The official told Portuguese news agency Lusa that at this stage he could not say how much of the bill will be paid by Timor-Leste, as the matter is “still confidential.”
“We are negotiating with various partners several ways to fund the project and I do not want to give any figures, although the aim is not to withdraw any money from the Oil Fund,” he said.
Monteiro added that the Greater Sunrise project should provide an estimated financial return of US$28 billion, “not to mention other economic benefits such as the jobs created, because this is happening in Timor-Leste.”
The chairman of Timor Gap acknowledged that Timor-Leste would face many difficulties without Greater Sunrise, as the balance of about US$16 billion from the Oil Fund would take little more than 10 years to disappear based on annual average withdrawals of US$1.5 billion.
“So we are working to try to move forward with the project quickly, investing some of our money and energy to ensure the first production in 2025 and thus generate revenues for the Oil Fund in order to keep it at a certain level or even to see it grow,” he said. (Macauhub)