World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


New Areas in Timor Sea Now 'Open For Business'

New Areas in the Joint Development Area in Timor Sea Now 'Open For Business'

The remainder of the Joint Petroleum Development Area of the Timor Sea is now open for business with the Australian and East Timorese Governments finalising a Petroleum Mining Code and model Production Sharing Contract.

Australian Industry Minister, Ian Macfarlane, has agreed to the documents on behalf of the Australian Government with East Timorese Prime Minister Mari Alkatiri.

The 2002 Timor Sea Treaty, along with the Code and model Contract , governs the exploration, development and exploitation of petroleum within the JPDA.

“In practical terms, agreement to the Code and model Contract ensures companies have certainty of conditions under which to take up acreage for exploration and development within the JPDA,” said Mr Macfarlane.

“This announcement opens the door to business in an area which is estimated to hold recoverable gas reserves of more than 5 trillion cubic feet and 500 million barrels of oil, condensate and liquefied petroleum gas,” he said.

The new PMC and PSC will apply to new contract areas currently advertised in the Timor Sea Designated Authority’s Acreage Release 2006. The interim PMC and PSCs will continue to regulate the exploration, development and exploitation of petroleum within existing releases.

“Implementation of these two instruments will benefit both countries as companies begin to develop the remainder of the JPDA. In particular, the documents will assist the development and economic prosperity of one of our closest neighbours.”

“This is the certainty investors have been seeking and I look forward to hearing of companies exploring the opportunity this development provides,” he said.

Natural gas is the fastest growing fossil fuel in the world, accounting for one quarter of the world’s primary energy consumption.

Global demand is projected to grow to 4.9 trillion cubic metres per annum by 2030.

The PMC and model PSC may be accessed through the Timor Sea Designated Authority at http://www.timorseada.org/

© Scoop Media

 
 
 
 
 
World Headlines

 

Preliminary Results: MH17 Investigation Report

The Joint Investigation Team (JIT) is convinced of having obtained irrefutable evidence to establish that on 17 July 2014, flight MH-17 was shot down by a BUK missile from the 9M38-series. According to the JIT there is also evidence identifying the launch location that involves an agricultural field near Pervomaiskyi which, at the time, was controlled by pro-Russian fighters. More>>

ALSO:

At The UN: Paris Climate Agreement Moves Closer To Entry Into Force

The Paris Agreement on climate change moved closer toward entering into force in 2016 as 31 more countries joined the agreement today at a special event hosted by United Nations Secretary-General Ban Ki-moon. More>>

ALSO:

ALSO:

Gordon Campbell: On The End Game In Spain (And Other World News)

The coverage of international news seems almost entirely dependent on a random selection of whatever some overseas news agency happens to be carrying overnight... Here are a few interesting international stories that have largely flown beneath the radar this past week. More>>

Amnesty/Human Rights Watch: Appalling Abuse, Neglect Of Refugees On Nauru

Refugees and asylum seekers on Nauru, most of whom have been held there for three years, routinely face neglect by health workers and other service providers who have been hired by the Australian government, as well as frequent unpunished assaults by local Nauruans. More>>

ALSO:

Other Australian Detention

Gordon Campbell: On The Censorship Havoc In South Africa’s State Broadcaster

Demands have included an order to staff that there should be no further negative news about the country’s President Jacob Zuma, and SABC camera operators responsible for choosing camera angles that have allegedly made the President ‘look shorter’ were to be retrained... More>>

ALSO:

Gordon Campbell: On A Bad Week For Malcolm Turnbull, And The Queen

Malcolm Turnbull’s immediate goal – mere survival – is still within his grasp... In every other respect though, this election has been a total disaster for the Liberals. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news