Government of Timor-Leste

The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, presided over a meeting with representatives of the Santos company and the Joint Venture of the Bayu Undan oil field, with the aim of analysing ongoing operations, short-term priorities and planning for the next phase of the project. The meeting was also attended by the President of the National Petroleum Authority, Gualdino da Silva, and the President of the Board of Directors and Executive Director of TIMOR GAP, E, P., Rui Soares, whose public company holds a 16% stake in the aforementioned joint venture.

Located in the Timor Sea, about 250 kilometres southeast of Dili, the Bayu Undan field began production in 2004. Bayu Undan is operated by the Australian company Santos, which holds a 36,5% stake. The joint venture also includes SK E&S (21%), a INPEX (9,6%), ENI (9,2%), Tokyo Timor Sea Resources (7,7%) and TIMOR GAP (16%). 

During the meeting, issues related to the state of ongoing operations, market conditions and strategic commercial aspects were discussed, namely the end of production, opportunities for further development in the field itself and the adjacent areas, as well as the potential exploitation of resources such as the gas discovery in the Chuditch field.

Minister Monteiro also presented Timor-Leste’s preliminary vision of the preferred development approach, reflecting the government's goal of ensuring long-term value through the strategic use of infrastructure and alignment with national development goals. 

The meeting concluded with a joint commitment to maintain coordination and ongoing technical dialogue between all the parties involved, to guarantee an effective transition and future sustainable development of the Bayu Undan field.