DILI, 03 October 2019 (TATOLI) – Prime Minister Taur Matan Ruak has told oil and gas investors their exploration activities will continue “without obstacles,” as lucrative natural resources transition into Timorese hands.
In a speech to the inaugural International Oil and Gas Forum in Dili, Mr Taur told investors the Joint Petroleum Development Area (JPDA) may have moved into Timor-Leste’s exclusive economic zone, but little else would change.
“For those who have already invested in exploration and production in our petroleum resources offshore, I want to ensure that your activities can continue without obstacle,” he said.
He said the government had approved a parcel of legislation to ensure an “efficient and easy” transition, which respects and protects the rights of existing investors.
“Right now, the Government is…embracing the legislative reform, with the objective of modernizing the judicial framework [as it] exists now, to one that aligns with…more advanced systems in the world,” he said.
“That is why it’s really important to construct a mature legal system…which is essential to create trust and provide stability and for foreign investment,” he added.
The PM acknowledged Timor’s constitution obliges the government to disburse resources revenue in an equal and just fashion, according to the national interest. But his focus was squarely on his audience:
“You are the professionals — knowledgeable and experienced in the sector — and [you] know the role that petroleum will continue to make in developing the quality of life in our new country.”
“Timor-Leste has been blessed with significant reserves of petroleum, and the important part [here] is: they’re yet to be explored,” he said.
“The government commits completely to ensure that this opportunity here is a blessing, and will not turn into a curse.”
Mr Taur said all of the delegates attending the conference would “remember this day” as a turning point for Timor-Leste, in its goal to become the investment “destination of choice” in Southeast Asia.
“[Today] we show responsibility and determination [to] decide the way for Timor-Leste to achieve the recognition that this country deserves, to be an important actor in the international petroleum and gas industry,” he concluded.
A total of 30 speakers and around 250 delegates are in Dili for the summit, which finishes tomorrow.
First published in Tetum as: PM Taur Garante Laiha Obstáklu ba Investór Sira Iha Atividade Esplorasaun
Journalist: Hortençio Sanchez
Editors: Xisto Freitas; Robert Baird
Translation: Nelia Borges
