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Timor-Leste-Australia conclude legal framework for the Greater Sunrise joint oil venture

Timor-Leste-Australia conclude legal framework for the Greater Sunrise joint oil venture

DILI, 25 march 2021 (TATOLI)— The President of the Timor-Leste’s National Petroleum Authority (ANPM), Florentino Soares Ferreira, said the Timorese State and Australia have concluded a legal framework for the Greater Sunrise (GS) joint oil venture.

“We have concluded a several legal framework documents such as the petroleum mining code which is currently in the revision process,” The President of ANPM Ferreira said at Novo Turismo Hotel this thurday.

The State-owned, TIMOR-GAP have been involved in the consortium of Greater Sunrise field with majority stake of 56.56%, while the oil companies of Woodside and Osaka Gas hold 33.44% and 10% respectively.

Florentino Ferreira said that these oil companies are also involved in the discussion about the tax regime for the Greater Sunrise field between Timor-Leste and Australia.

“Our team that is being part of the discussion are the personnel from the Ministry of Petroleum and Minerals and elements related to ANPM. We have already held four meetings with Australia and will continue to promote meetings, with a new discussion scheduled for next April. The meeting aims to conclude the fiscal and operational regime, so it will not contemplate any issue related to politics ”, Florentino said.

According to Ferreira, there should also be a framework to decide the extraction of a gas pipeline, whether in Timor-Leste or in Australia.

Timorese Government needs to set legal framework to discuss and decide between both countries, for the reason that both countries cannot make a straight decision.

“There would be direct input from TIMOR GAP, as contractor, to prepare the plan and finalizing the concept for national development, the focus is particularly in the asset of commercial and making the calculation to decide whether the gas pipeline to build in Timor-Leste or Australia, After the delivery of the document, each of the two States will determine its position on the said project and the position will be sealed by Timor-GAP,” he explains.

Following the new treaty that has been shifting the Greater Sunrise project into Timor-Leste jurisdiction. TL took 70 per cent of the revenue from the joint-venture, and Australia 30 per cent. Under the new agreement

The negotiation proses before, 70 percent in favor of Greater Sunrise for Timor-Leste and 30 percent for Australia; or 80 per cent to TL and 20 per cent to Australia, if a future pipeline to Timor’s south coast is built.

Consequently, both States are supporting the field for advance and to carry out the exploration and early production to decide the country for the future pipeline built.

ANPM works based on the national interests of the country, responsible for controlling the Greater Sunrise field.

“Therefore, we prefer that the gas pipeline comes to Timor-Leste,” he said.

Journalist: Florêncio Miranda Ximenes

Editor: Julia Chatarina

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