Minister of the Presidency of the Council of Ministers meets with Santos Country Manager
Minister of the Presidency of the Council of Ministers, Fidelis Manuel Leite Magalhães, welcomed, this Thursday, August 13th, 2020, the Australian oil company Santos Country Manager, at the Government Palace, in Dili.
Santos completed the acquisition of ConocoPhillips' assets in the Timor Sea, including the Bayu Undan oil well, last May, in a US$ 1.26 billion operation. Santos previously held a stake in the Bayu Undan consortium, and with this acquisition, it now holds a 68.4% stake in this project unit.
During the meeting, the Santos Country Director for Timor-Leste, explained to the Minister the COVID-19 control and prevention mechanisms applied to the company's workers, and the challenges faced in the new Coronavirus pandemic situation.
José Lobato also made a presentation about the company, namely about the investments in Timor-Leste.
Santos has several oil and gas exploration assets and activities in Australia, Timor-Leste, and Papua New Guinea, on land (onshore) or at sea (offshore).
Regarding the Bayu Undan project unit, its production and revenues exceeded the initial development plan, and the company intends to proceed with the new drilling campaigns in this unit, to maximize the production.
343 Timorese are working in the Bayu Undan activities, which represents 37% of the total number of workers in the project.
