Timor-Leste’s revenues from Bayu-Undan amounted to US$700 million

DILI, 10 february 2022 (TATOLI) – Santos, as operator of the Bayu-Undan Joint Venture, has made significant progress with the Phase 3C infill drilling at the Bayu-Undan field, in Timor-Leste offshore waters.

“From 2020, Timor-Leste generates revenues of US$700 from the Bayu Undan field. It’s not a small amount of money. Thus, it’s estimated that the revenue from the Bayu-Undan field would increase up to US$1 billion by the end of 2022. It’s a big success for Timor-Leste because we have the courage to take the decision, especially with the Phase 3C infill drilling at Bayu-Undan field,” the President of the National Authority of Petroleum and Minerals (ANPM), Florentino Soares Ferreira told TATOLI, on thursday.

The revenue generated from the Bayu-Undan field would be distributed in accordance with the Production Sharing Contract (PSC). “ANPM is responsible for managing and regulating petroleum and mining activities in Timor-Leste. It is also tasked with collecting the revenues generated from the oil field to be saved in Timor-Leste’s Petroleum Fund,” Ferreira said.

He reiterated the US$700 revenues were generated from the drilling of the three wells at the Bayu Undan field.

“There was an increase in the oil production from the drilling of the three wells. It means that we will have an increase in revenues generated from Bayu-Undan. You know, the global oil prices have jumped which is a positive sign for us. In addition, the conflict between Ukraine and Russia also contributed to the increase in oil prices and gave us an opportunity to sell our oil,” Ferreira said.

Santos, as operator of the Bayu-Undan Joint Venture, announced a Final Investment Decision for the US$235 million Phase 3C infill drilling program at the Bayu-Undan field in the Timor Sea, offshore Timor-Leste, in january 2021.