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Timor-Leste first offshore bid round; Prime Minister ratifies
Evaluation Report from Evaluation Commission, 22 May 2006
Today the Prime Minister and Minister for Natural Resources,
Minerals and Energy Policy, Mari Alkatiri ratified the Final Report
from the Evaluation Commission evaluating bids for Timor-Leste
offshore Contract Areas.
The evaluation process was set up to identify the bid that offers
the best conditions and advantages for Timor-Leste for each Contract
Area. Bids have been evaluated according to fair, objective and
transparent criteria in accordance with the Evaluation Matrix
in the Final Tender Protocol and the Bidding Round Regulations,
Decree Law 7/2005.
Pursuant to the Final Report of the Evaluation Commission, the
Evaluation Commission has identified the following companies'
bids as the bids that offer the best conditions and advantages
for the Democratic Republic of Timor-Leste:
COMPANY - AREA
Eni S.p.A - A
Eni S.p.A - B
Eni S.p.A - C
Eni S.p.A - E
Eni S.p.A - H
Reliance Industries Ltd. - K
The above companies are thus awarded the right and are obligated
to enter into a Production Sharing Contract with the Ministry
of Natural Resources, Minerals and Energy Policy scheduled to
be completed in accordance with the Final Tender Protocol and
applicable regulations on 20 June 2006.
There is however a condition placed on the award of Contract
Area E to Eni S.p.A. In addition to the work programme proposed
in the bid, Eni S.p.A will be requested to include a well to be
drilled in Year 3 of the Production Sharing Contract to a depth
of 4000m.
The bidders offered the following work programmes:
The deadline for international companies to bid for Timor-Leste
offshore acreage was 19 April 2006. From the eleven contract areas
available in this first bidding round, six received offers from
the international companies through a total of nine bids.
The ratification decision, a summary of the proposed evaluation
results and a significant summary of the Evaluation Report will
be published in the Jornal da Républica and on the web
site of Ministry of Natural Resources, Minerals and Energy Policy;
http://www.timor-leste.gov.tl/EMRD/. The Petroleum Act, Bidding
Round Regulations and the Final Tender Protocol can be also found
on the website.
Timor-Leste 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 opened
a significant portion of the nation's offshore area to petroleum
exploration and development by qualified companies.
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