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East Timor’s Prime Minister, Mari Alkatiri, outlined his country’s planned development fund to the conference, saying the areas in discussion were not in the regions where there were overlapping claims by Australia and East Timor.
He said he hoped the laws required for competitive, commercial exploration would be passed this year, for JPDA (Joint petroleum development area) and non-JPDA areas.
While the regime would be at the risk of the contractor, he said the proposed code would allow a production sharing contract (PSC) allowing the seismic work to be converted into exploration acreage.
Bid tender packages will be available by June 15, with bids due by July 15. The Government expects to notify successful bidders by the end of July and all work obligations are to be completed before the end of 2004. Parties interested in receiving bid documentation should contact [email protected] or [email protected]
