Five international companies bid for Timor-Leste offshore
acreage, 20 April 2006
This Wednesday, 19 April, was the deadline for international
companies to bid for Timor-Leste offshore acreage. From the 11
contract areas available in this first bidding round, six received
offers from the international companies.
By the deadline for bids, the Ministry of Natural Resources,
Minerals and Energy Policy has received a total of nine bids.
The companies have submitted bids individually and in consortia.
The following companies have submitted bids: ENI S.P.A, Petronas
Carigati, Petróleo Brasileiro (Petrobras), GALP Exploração
e Produção Petrolífera, Reliance Industries
Bids have been submitted for the following Contract Areas: seguintes:
A, B, C, E, H, K.
"I am very pleased with the interest shown by international
Exploration and Production companies for the exploration possibilities
in Timor-Leste. The bids show that Timor-Leste offshore area is
internationally competitive and that in a short period of time
Timor-Leste has been able to attract the confidence of recognized
international Exploration and Production companies. The success
of this bid round thus far enhances my confidence that we will
be able to follow on with our planned onshore bid round later
on this year." says Prime Minister and Minister for Natural
Resources, Minerals and Energy policy, Mari Alkatiri.
The evaluation of the bids will be carried out by an Evaluation
Commission nominated by the Minister for Natural Resources, Minerals
and Energy Policy. The evaluation process aims at identifying
the bid that offers the best conditions and advantages for Timor-Leste
for each Contract Area. Bids shall be evaluated according to fair,
objective and transparent criteria in accordance with the Evaluation
Matrix in the Final Tender Protocol.
The Evaluation Commission is scheduled to present its Report
to the Minister for Natural Resources, Minerals and Energy Policy
on the 18 May 2006 for the Minister's approval.
Announcement of Bidding Results is expected to take place prior
to the 22 May 2006.
The Ministry of Natural Resources, Minerals and Energy Policy
expects to sign Production Sharing Contracts with the successful
bidders before 20 June 2006.
Timor-Leste (East Timor) became the world's newest nation in
May 2002, and less than two years later made its debut as a significant
petroleum producer with first production from the Bayu-Undan Field,
a joint development with Australia pursuant to which Timor-Leste
receives 90% of the state take from production.
To build on this success, the Government of Timor-Leste has opened
a significant portion of the nation's offshore area to petroleum
exploration and development by qualified companies.
The Final Tender Protocol can be found in the Ministry of Natural
Resources, Minerals and Energy Policy' website http://www.timor-leste.gov.tl/EMRD/.