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E & P News

2018

May 2018: Carnarvon Petroleum is planning to drill the first production well, Buffalo-10, in the redevelopment of the Buffalo field in WA-523-P in 25m of water. The previously developed portion of the field was producing around 4,000 bbls of oil per day when it was shut in. The development consists of a WH platform connected to a leased FPSO with 3 wells producing 31 mm bbls.

Mar 2018: Carnarvon’s 100% owned WA-523-P permit Buffalo oil field will now fall within Timor Leste’s exclusive jurisdiction. Special legislation will be enacted to ensure the redevelopment will proceed under equivalent fiscal terms. The field was discovered by BHP in 1996 and was developed with 4 wells and an unmanned WH platform in 25m of water tied back to an FPSO.

Mar 2018: A treaty on a permanent maritime border in the Timor Sea has now been signed, setting out the maritime border at the midway point between the countries. Timor Leste will receive at least 70% (80% if gas is processed in Australia) of the revenue from Greater Sunrise. Australia will also lose jurisdiction in oil fields currently shared.

Feb 2018: An agreement has now been reached for a treaty on the disputed maritime border and on a pathway to develop the giant Greater Sunrise offshore gas field. The share of revenue will differ depending on downstream benefits that arise from different development concepts.

2017

Sep 2017: Agreement on a maritime border with Australia has been reached in The Permanent Court of Arbitration in The Hague. Details will remain confidential until the deal is finalised. The countries are to establish a special regime for the Greater Sunrise field owned by Woodside, ConocoPhillips, Shell and Osaka Gas and estimated to hold 144 bcm of gas and 226 mm bbls of condensate.

Apr 2017: Autoridade Nacional Do Petroleo e Minerais Timor Leste (ANPM) awarded onshore PSCs, TL-OT-17-08 and TL-OT-17-09, to Timor Gap EP and Timor Resources PTY LTD.

Jan 2017: An oil revenue treaty with Australia has been terminated as a step towards ending the maritime border dispute that prevents development of the Greater Sunrise fields. The existing boundary is aligned with Australia's continental shelf but Timor Leste argues it should lie half way, putting more of the Greater Sunrise field under its jurisdiction.

2016

No significant news in 2016.

2015

May 2015: Amec Foster Wheeler was awarded a pre-FEED contract for the proposed Beaço LNG plant in consultation with Timor Gap, the National Oil Company. Timor Gap, is managing implementation of the Tasi Mane project , comprising 3 development clusters along the south coast; the Suai supply base, the Betano refinery and the Beaço LNG plant.

Feb 2015: Woodside doubts its Greater Sunrise gas development will go ahead until after 2020. The obstacle remains the negotiations with Australia over sharing revenue. Greater Sunrise is 33% owned by Woodside, the operator with ConocoPhillips, Shell and Osaka Gas.

Feb 2015: The country intends to commence a pre-qualification round for onshore acreage in the middle of 2015 with award of PSCs scheduled for the second half of 2015. There is 85% open acreage offshore in the TLEA and more than 65% open acreage in the JPDA whilst no onshore blocks have yet been offered for exploration.

2014

Nov 2014: Woodside s in talks with the government about building an onshore LNG plant for the Greater Sunrise Project rather than a floating option. The fields are estimated to contain 150 bcm of gas and 226 mm bbls of condensate. Woodside is operator with 33% , along with ConocoPhillips (30%), Shell (26.6%) and Osaka Gas (10%).

Nov 2014: Foreign judges have been ordered out of the country after a court ruled for ConocoPhillips, operator of the Bayu Undan gas field, in a dispute over tax payments. Meanwhile talks are ongoing with Australia to resolve the dispute over the treaty giving East Timor 50% of revenue from the undeveloped Greater Sunrise fields operated by Woodside.

2013

Apr 2013: Eni has been awarded a new PSC in the Timor Sea with a water depth of 350m, adjacent to the offshore Kitan field. The PSC requires 2 exploration wells during the first 2 years. It lies within the Joint Petroleum Development Area administered by Australia and Timor Leste. The Kitan field, operated by Eni, was discovered in 2008 and started production in 2011.

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