BUSINESS

TIMOR GAP to begin onshore drilling in 2020

TIMOR GAP to begin onshore drilling in 2020

TIMOR GAP President Francisco Monteiro says drilling will begin as soon as early 2020 on the joint venture with Timor Resources. (Image/Tatoli)

DILI, 04 October 2019 (TATOLI) – the president of TIMOR GAP E.P., Francisco Monteiro has told the inaugural Oil and Gas summit in Dili the first oil drillings on the mainland in decades – at Suai Kovalima and Betanu-Manufahi — will begin in 2020.

President Monteiro told delegates at the Dili Convention Center the five drill sites will be operated in conjunction with Australian firm, Timor Resources.

“The first drill will be the three blocks in Suai; then will continue to the other two in Betano District,” he said.

Francisco Monteiru said the three offshore (tasi-laran) blocks are under the control of TIMOR GAP with a 100% exclusive license, so the company can invite a co-partner or petroleum contractor at its discretion.

He said the summit was important to introduce local companies to oil and gas investors, especially to help find companies interested in joint-ventures with Timor Gap for future exploration.

“It is expensive to conduct the drilling; hence we need to draw others’ attention [to] contribute funds for the exclusive blocks drilling,” the president said.

The five blocks were first mapped in 2017, with geological surveys and other studies. In October 2018 a seismic test was also conducted in Block A (Kovalima and Maliana District). Elsewhere, the business commissioned tests using the ‘fibrosis’ system, an alternative to seismic analysis. This was conducted in October at Block C, at the Betanu site (between Alas and Hatudu).

“Basic infrastructure is important. Our co-partner, Timor Resources, has said if the test shows positive [results] for oil, it can be quickly produced, within one or two years,” he said.

The earlier exploration revealed potential reserves in the two sites of more than 500 million barrels.

Mr Monteiru said the companies plan to drill three to five wells in Block A, commencing at the beginning or end of 2020. Each has a shallow-field, down to 2,000 meters, and is expected to cost around $US 35 million each.

The project is part of a Production Sharing Contract (PSC) with Australian firm Timor Resources Pty Ltd, which is part of Nepean Group.

Rights for the onshore Block B have also gone to the state-owned petroleum company, TIMOR GAP.

The onshore wells will be the first sunk on the east of the island in more than 40 years, dating back to the time of Portuguese rule in Timor-Leste.

Originally published in Tetum as: TIMOR GAP no Timor Resources Halo Perfurasaun ba Bloku Lima iha 2020

Journalist: Florencio Miranda Ximenes

Editors: Maria Auxiliadora; Robert Baird

Translation:
Nelia Borges

iklan
iklan

Leave a Reply

iklan
error: Content is protected !!