DILI, 7 december 2021 (TATOLI) – Timor-Leste’s petroleum regulator, the National Authority of Petroleum and Minerals (ANPM) had informed that it’s too early to announce Feto-Kmaus exploration as ‘Commercial Discovery’.
The President of the ANPM, Florentino Soares explained, that under the Production Sharing Agreements (PSAs) between the companies and the government, there is a ‘Commercial Discovery’ a discovery of petroleum that has been demonstrated to contain petroleum reserves that justify the investment of capital and effort to bring the discovery to production.
“It was the first onshore drilling campaign in 50 years since 1971. Thus, at the moment we don’t have sufficient data to categorize it as a Commercial Discovery.” said the President of ANPM, Florentino Soares Ferreira.
He said Timor Resources, the privately-owned company had revealed that it has made an oil and gas discovery in the Feto-Kmaus well. Feto-Kmaus was the first of two planned onshore exploration wells; the other one is Liu-Rai well.
Last month, Timor Resources said the discovery comprised of oil and gas, and that Schlumberger had run wireline logs on the well to help measure the amount of oil and gas discovered.
Timor Resources did not disclose any additional well data, saying only that the discovery “represented the first find from the contract area.
Ferreira stressed that the samples from the Feto-Kmaus well will be tested to see whether it’s is considered to be a Commercial well: “Wildcat drilling is not simple as people said on the social media.
He said a conclusive study is required to see whether Feto-Kmaus can be categorized as a commercial well: “Let the company continue its work and it will submit its drilling report to notify ANPM whether the site could produce enough oil to be commercially viable.
Journalist: Filomeno Martins
Editor: Nelia Borges Rosario
