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Latest News

"Woodside praises floating LNG platform"
'The Australian': Business. November 16, 2007
THE Greater Sunrise gas development has come full circle with Woodside CEO Don Voelte saying yesterday that floating LNG was now the cheapest and most effective development option.

In 2003 the United Nations Development Program rated East Timor as the poorest country in Asia and among the 20 poorest nations worldwide.

It has minimal industry and commerce and more than 80 per cent of the population survive on subsistence agriculture and farming.

With a current annual budget of only $120 million, the East Timorese Government sees increased revenue from oil and gas reserves as a basis for economic independence and development.

Timor Sea Gas and Oil Resources

  • Oil and gas worth more than US $30 billion lie under the Timor Sea, between East Timor and Australia (the equivalent of approximately 4840 million Barrels of Oil).
  • 68% of the petroleum resources in the Timor Sea lie closer to East Timor than to Australia, and are claimed by East Timor under International Law.
  • Under current revenue sharing arrangements, Australia takes 72% of the petroleum revenues in the Timor Sea, including almost 60% of the revenues from fields closer to East Timor than to Australia.
  • If maritime boundaries were established in accordance with current principles of international law it is estimated that East Timor would receive around 68% of the total petroleum revenues in the Timor Sea, including up to 100% of those closer to East Timor than to Australia.
  • If maritime boundaries were established in accordance with current principles of international law it is estimated that East Timor would receive around US $12 billion, while under current interim arrangements, East Timor expects to receive just US $4.4 billion
  • Australia, therefore, stands to profit to the tune of over US $7 billion at the expense of East Timor. This amount includes an estimated US $1.5 - 2 billion already collected by Australia since 1999.

Major Petroleum Fields closer to East Timor than to Australia

Buffalo, Corallina and Laminaria:

Value of petroleum: 270 million Barrels of Oil Equivalent
Total Government share: US$ 2 billion
Stage of production: Operated by Woodside Petroleum. Production began in late 1999 and will be exhausted by 2005.
East Timor's share with permanent boundaries consistent with International Law: 100%
Current arrangements: Since 1999, the Australia government has received more that USD1 billion in revenue. East Timor will receive nil revenue from this field under current arrangements.

Bayu Undan:

Value of petroleum: US $6-7 billion
Total Government share: US $3.3 billion
Stage of production: Operated by ConocoPhillips and construction is well underway. Production was due to start in early 2004.
East Timor's share with permanent boundaries consistent with International Law: 100%
Current arrangements: Under the Timor Sea Treaty, East Timor will receive 90% and Australia 10% of government revenue.

Greater Sunrise:

Value of petroleum: Estimated to be between US $22-25 billion.
Government share: US $7 billion
Stage of production: Woodside aims to begin production in 2009.
East Timor's share with permanent boundaries consistent with International Law: up to 100%
Current arrangements: The Greater Sunrise Unitisation Agreement currently gives almost 82% of revenue to Australia, and just over 18% to East Timor.

Content for this page sourced from www.etan.org and www.timorseajustice.org
Map Source: La'o Hamutuk, The East Timor Institute for Reconstruction Monitoring and Analysis

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"I do not believe in violent short-cuts to success...
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methods even to serve the noblest of causes...
Experience convinces me that permanent good can
never be the outcome of untruth and violence."

GANDHI

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