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Timor-Leste became the
world's newest nation on 20 May 2002, and shortly afterwards
made its debut as a significant petroleum producer. The new nation has already demonstrated the capacity to facilitate development in a competitive, transparent and responsible manner.
So far production has come from a joint development area
in the Timor Sea, but now the Timor-Leste Government has developed
its own legal and fiscal regime for investment in highly prospective
onshore and offshore areas.
In August 2005 Timor-Leste launched its first independent offshore licensing round. The first phase of the process was completed with the acquisition of more than 6600 kms of 2D seismic, a regional grid covering the entire Timor-Leste exclusive area between the JPDA and Timor-Leste. This data is now available to industry, which will have six months to assess it prior to the bid deadline in mid-March 2006. Awards will be made in the 2nd quarter of 2006. |
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