Production Sharing Contracts signed for onshore oil and gas exploration
The National Petroleum and Mineral Authority (NPMA), TIMOR GAP and Timor Resources (a subsidiary of the Australian company NEPEAN) signed two Production Sharing Contracts for oil and gas exploration in the territory of Timor-Leste, on April 7th. These contracts are for the exploration of two onshore blocks in Timor-Leste, managed by the Ministry of Petroleum and Mineral Resources, through NPMA.
Situated in the south-west of the country, the two blocks occupy approximately 2000 square kilometres, where dozens of oil and gas seeps were identified, indicating the existence of a system with petroleum potential.
TIMOR GAP and Timor Resources undertook to make seismic studies throughout the area and to open two wells in each block, in the third year. An investment of approximately 60 to 100 million dollars will be made in the next 7 years.
The Prime Minister, Rui Maria de Araújo, the Minister of Petroleum and Mineral Resources, Alfredo Pires, the President of TIMOR GAP, Francisco Monteiro, the Chariman of Nepean, David Fuller, and the President of the National Petroleum and Mineral Authority, Gualdino da Silva, were present at the ceremony.
