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

 

Gordon Campbell: Zimbabwe - Meet The New Bosses

At 75, Mnangagwa is not exactly what you’d call a new broom. As many observers have pointed out, his track record has been one of unswerving dedication to Mugabe ever since the days of anti-colonial insurgency... To these guys, things had to change in Zimbabwe, so that things could remain the same. More>>

ALSO:

Gordon Campbell: Is This Guy The World’s Most Dangerous Thirtysomething?

Saudi Arabia has long been regarded as a pillar of stability in the Middle East, and is the essential caterer to the West’s fossil fuel needs. It is also the country that gave us Osama Bin Laden, al Qaeda, and 15 of the 19 terrorists who carried out the 9/11 attacks... More>>

ALSO:

Non-Binding Postal Vote: Australia Says Yes To Same Sex Marriage

Binoy Kampmark: Out of 150 federal seats, 133 registered affirmative totals in returning their response to the question “Should the law be changed to allow same-sex couples to marry?”. More>>

ALSO:

Bonn Climate Change Conference: Protecting Health In Small Island States

The vision is that, by 2030, all Small Island Developing States will have health systems that are resilient to climate change and countries around the world will be reducing their carbon emissions both to protect the most vulnerable from climate risks and deliver large health benefits in carbon-emitting countries. More>>

ALSO: