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Timor Leste to award deepwater blocks in 2009-2010

Offshore

Gurdip Singh,
Contributing Editor

SINGAPORE -- Timor Leste is preparing to offer its deepwater blocks in 2009 and 2010, including acreage in the Timor Trough offshore Australia, Jose Goncalves, acting director for the national directorate of oil and gas, said today at the 13th Asia Upstream 2008 Conference in Singapore.

The next acreage award from zero water level to a depth of 3,300m (10,827 ft), which is in the Timor Trough, will be awarded in 2010, while acreage in 250 m (820 ft) to 1,800 m (5,905 ft) water depth will be awarded in 2009.

Timor Leste has some 50% of its offshore acreage open for bidding, Goncalves said.

In 2006, the directorate signed eight offshore production sharing contracts each with an exploration period of three years plus two years, and then an additional two years, he added. He expects some acreage from these PSCs to be relinquished and offering the next round of concession bidding.

Meanwhile, Timor Leste is also expected to enact a new Optimization Law which will enable the government to set up a national oil company and a new oil and gas authority, Goncalves added.