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Bayu Undan Firms set to make first direct tax payments to TL

Bayu Undan Firms set to make first direct tax payments to TL

Oil rigs controlled by ConocoPhillips in the Bayu Undan field, about 250 kilometres southeast of Suai on Timor-Leste's south coast. (Image/ConocoPhillips)

DILI, 03 October 2019 (TATOLI) – 10 companies active in the Bayu Undan oil field will soon pay tax directly to Timor-Leste for the first time, according to the President of National Authority Petroleum and Minerals (ANPM), Gualdino da Silva.

“No longer will we share the tax with Australia, but the companies and operators pay taxes directly to Timor-Leste for the petroleum fund,” he said.

Gualdino da Silva confirmed investors are continuing to explore the joint petroleum development area, but after the exchange of diplomatic notes between Timor-Leste and Australia, the area now officially falls within Timor-Leste’s maritime boundary.

The Minister said the joint-venture is entering a new phase.

“Now we’re discussing some of the companies [whose] contracts will be finished in 2021-2022. We are contemplating how their contract will be wound up, so that TIMOR GAP E.P can continue doing explorations,” the president added, referring to the national oil company.

The ANPM president also said negotiations are underway with Italian energy giant ENI to co-partner in the research.

“We are also look at how to redevelop the Kitan [oil field], and within the next six months will conduct research drilling at Buffalo. If there’s a positive outcome, we [could] begin producing within two years,” he said.

Timor-Leste has assigned five production contracts altogether: two are in Bayu Undan; one is to take over the Joint Petroleum Development Area (JPDA) lease PSC 06.105; another is to take over JPDA PSC 11.106; and the fifth to transition the Buffalo Petroleum field to Timor-Leste’s jurisdiction, under the authority of ANPM.

The government has signed five new production-sharing contracts (PSC) with the oil and gas businesses affected by changes to the maritime border, to ensure continuity of operations offshore during the transition period.

The government has signed the new contract with Australian Government, governing the exchanged of financial information between the two countries. It’s also signed two Memoranda of Understanding (MOUs) between the respective government departments, enabling cooperationg in Bayu Undan and the sharing of geological data.

On 28 of August 2019, the Timor-Leste government singed new agreements with 10 companies for oil exploration in the Timor Sea: ConocoPhillips, INPEX, Tokyo Timor Sea Resources, Eni, Santos, Carnarvon Petroleum L.D.A., Repsol, TIMOR GAP, NOPSEMA and Department of Industry, Innovation and Science Australia.

Originally published in Tetum as: Kompañia 10 Ne’ebé Esplora Mina iha Bayu Undan Selu Taxa Direta bá Estadu TL

Related news: Governu Asina Kontratu Foun ho Kompañia 10 Nebe Halo Esplorasaun Iha Área JPDA

Jornalist: Florencio Miranda Ximenes

Editor: Maria Auxiliadora; Robert Baird

Translation: Nelia Borges

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