The rights of active businesses will be protected and respected when the former Joint Petroleum Development Area passes over to the exclusive jurisdiction of Timor-Leste, the Timorese prime minister said in a statement on Thursday.
Taur Matan Ruak, speaking at the first Timor-Leste Oil and Gas Summit, which brought together national and foreign experts, industry professionals and companies in Dili, recalled that the Government had approved a legislative package to ensure a smooth and efficient transition, fully respecting and protecting the legitimate rights and expectations of companies.
The prime minister, quoted by Portuguese news agency Lusa, also said that Timor-Leste’s long-term cooperation with various international companies “laid a good foundation for the development of the oil industry in Timor-Leste” and was “a good path for newcomers to this area and that are currently conducting exploration operations,” such as Timor Resources, Carnarvon and Timor’s Empresa Nacional de Petróleo.
Taur Matan Ruak referred to the forthcoming launch of a public tender for the concession of 18 new oil blocks, seven onshore and the rest at sea in the exclusive area of Timor-Leste, a process that will be conducted by the National Petroleum and Minerals Authority (ANPM), as the oil sector regulator.
The new maritime boundary treaty between Australia and Timor-Leste, which came into force on 30 August, provides for a transitional regime between the previous treaty in force in the Timor Sea and the new document, which transfers resources in various areas of exploration of Australian or joint jurisdiction to East Timorese jurisdiction. (Macauhub)