DILI, 03 october 2023 (TATOLI) – In order to develop the Greater Sunrise field, representatives of Timor GAP and the National Petroleum Authority (ANP) met with the Australian authorities and the Sunrise joint venture partners (Woodside Petroleum, and Osaka Gas) last week in Canberra, Australia, to discuss the new concept study for the Greater Sunrise project.
“At the moment, I’m seeing very positive results, because there’s a goodwill on all sides to accelerate this process (oil field development). I can’t reveal the details because it’s a negotiation procedure, but I can say that it’s going positively,” said the Minister of Petroleum and Mineral Resources, Francisco Monteiro, in Dili.
Monteiro emphasized that the Australian government and the Sunrise joint venture partners had agreed on the timetable for the next meeting, including the date and location, which is scheduled for next year.
He also said that the Timorese government is carrying out a feasibility study, given the specific nature of the country, which is being negotiated with Australia, as well as with the joint partners.
“We need to convince Australia and the joint venture partners to carry out a joint feasibility study in a transparent way, put all the documents on the table, and analyze them properly so that we can reach joint conclusions that will provide mutual benefits in the future,” said minister Monteiiro.
Last month, Woodside Energy’s Executive Vice President for Exploration and Development, Andy Drummond, in a meeting with Minister Monteiro, had said that his company respects Timor-Leste’s position of going ahead with the project in the interests of the Timorese people, but added that “it is too early to determine a suitable location for processing the oil field without carrying out an economic feasibility study.”
Before the team left for Australia, last month, Monteiro said that the negotiations between NPA and Australian Authorities would be centered on three important documents, namely the Petroleum Mining Code (PMC), the Fiscal Regimes (FR), and the Production Sharing Contract (PSC). Meanwhile, Timor-Gap, Woodside Energy Group Ltd, and Osaka Gas will have discussions on the new concept study for the Greater Sunrise project.
The Sunrise project is operated by a Joint Venture between TIMOR GAP (56.56%), Woodside Petroleum (33.44%), and Osaka Gas (10%).
The Sunrise field is estimated to contain 5.13 trillion cubic feet of recoverable natural gas and 226 million barrels of condensate (oil), which could give Timor-Leste US$50 billion in revenues.
Journalist: Camilio de Sousa
Editor: Filomeno Martins