|
Subject: LUSA: Dili gov't passes milestone oil legislation
East Timor: Dili gov't passes milestone oil legislation
Dili, Dec. 17 (Lusa) - East Timor's government has approved a landmark law
that paves the way for foreign companies to obtain oil and gas exploration
licenses that are expected to generate significant hydrocarbon revenues for one
of Asia's poorest nations.
The petroleum legislation was passed by the Dili cabinet Thursday and will be
endorsed by Timor's National Assembly in coming weeks.
The new law allows international energy companies to begin exploring the new
nation's offshore and onshore oil and gas reserves.
Besides the hydrocarbon-rich existing Timor Sea, there are indications of
other significant oil and gas deposits around the Oecussi enclave and on Timor's
south coast between the districts of Cova Lima and Viqueque.
A petroleum fund to manage oil revenues is also created under the new
legislation.
Timor looks to its burgeoning energy sector as a major source of future
income to ease its current dependency on foreign aid.
Dili shares some of its Timor Sea oil and gas reserves with Australia and is
trying to iron out a dispute with Canberra over the division of the area.
EL/CJB Lusa
Copyright © 2003 Agencia Lusa. Todos os direitos reservados. www.lusa.pt
Support ETAN, make a secure financial contribution at etan.org/etan/donate.htm
Back to December menu
November
World Leaders Contact List
Human Rights Violations in East Timor
Main Postings Menu
|
