Member Info for filthylucre

Conrad Asia Energy (Australian outfit) specialising in proven but undeveloped shallow off shore gas fields, Indonesian waters. Might well be looking at Chuditch. Then again, maybe not. :-)

FORBES
There’s a broad understanding that it’s in the United States strategic interest for our company to produce Greater Sunrise

TIMOR GAP’S PRESIDENT AND CEO DISCUSSED THE IMPORTANCE OF DEVELOPING GREATER SUNRISE TO TIMOR-LESTE’S SOUTHERN COAST

November 2022 - TIMOR GAP’s President & CEO, Mr. Antonio de Sousa recently traveled to Washington, DC, for productive meetings with senior U.S. government officials in Congress, the @U.S. Department of State, and the @U.S. Department of Energy, to discuss the importance of developing Greater Sunrise to Timor-Leste’s southern coast for Timor-Leste’s economic growth, and to seek U.S. technical and financial support for this strategic development. Read more: http://bit.ly/3EuvsAS

https://www.facebook.com/statedept/
https://www.facebook.com/energy

Sobering thought. You could well be correct. It’s important to keep a lid on expectations. I too got sucked into the Z34 hype. It will never be drilled. Certainly taught me a hard lesson. I see similarities with Chuditch but hoping this time will be different. I will not however be throwing any more cash at Gold/Baron Oil. I’ve had it with potential and seismic studies. Time to produce the goods.

In the Q&A session at yesterday’s conference. Andy Butler was asked how long before Chuditch gas could be brought to market. He said 5-6 years was possible using new floating LNG processes. This is exactly what ANPM needed to hear as you can sense their urgency to get moving and deliver revenues. Got the feeling they value the Chuditch field extremely highly. Demonstrations and arrests outside Timor’s parliament as people protest against government corruption and crushing poverty.

Andy Butler presenting in Timor Leste today at Geosciences conference. (see video link below)
Good also to hear the president of ANPM talking with confidence about Chuditch prospects directly after Andy’s talk.

https://www.facebook.com/ipgtimor/videos/1109930416553546/

Why do people keep saying, 0.02p. It’s 0.2 Or 0.1p. How can you invest if you don’t even know the share price?
Bloody annoying and stupid.

Dili, 15 Nov 2022 (Lusa) - The Timorese Minister of Petroleum and Minerals said today that the oil and gas sector is a fundamental economic pillar for Timor-Leste, which is why the Government will continue to seek to ensure the most appropriate management of resources from the country.
Speaking at the opening session of the 5th International Conference of the Institute of Petroleum and Geology (IPG), in Dili, Victor Soares said that the development of the sector is essential to support national development and achieve economic prosperity.
“The Government of Timor-Leste will do everything in its power to ensure that the wealth of natural resources is exploited and managed in an appropriate, transparent and sustainable way for the benefit of current and future generations”, he said.
The minister referred to several ongoing projects, reiterating Timor-Leste's desire to guarantee a gas pipeline for the country from the Greater Sunrise fields and explaining that the executive is "committed to speeding up negotiations" with the parties involved in the project.

For this redefinition, he explained, the Government took into account several aspects, including “assessments and studies from the upstream sector [exploration, drilling and production activities], as a driver of this redefinition, harmonized with other interministerial/governmental strategic plans”.
It covers, he said, “current political, technical, economic and commercial aspects and an adjustment with the regional and global targets stipulated for the reduction of carbon emissions”.
“This project will contribute not only to the development of the South Coast in general, and the oil industry in particular, but also covers a wide range of direct and indirect economic impacts at national, regional and local levels, by providing economic benefits derived from exploitation of Timor-Leste's natural resources”, he said.
Victor Soares also referred to ongoing onshore exploration, namely that conducted by the company Timor Resources, and the process of introducing carbon capture programs “after the dismantling of the Bayu-Undan field”

I do apologise. Hydrocarbons, call it what you want, but the transition away from this source of energy is going to accelerate. It’s not a surprise BOIL want to sell this and get out quick. It’s an expensive and long term project. They might find that buyer but Timor is running out of time and possibly has missed the boat.

Completely agree. No one seems to want to talk about the inevitable move away from carbon based energy. COP27 will focus minds even further. It seems strange that an island nation vulnerable to rising sea levels should be so intent on an industry which has no long term future. They better get a move on because the world is changing fast and fossil fuel projects which might take a decade to realise are beginning to look very risky. They’ve sat on their hands for two long.

For those interested in all thinks Timor.

Timorese Petroleum Fund drops to 16.91 MMUSD at the end of September – Central Bank

Dili, Nov 9, 2022 (Lusa) – Timor-Leste's Petroleum Fund (FP) was worth US$16.91 billion (€16.8 billion) at the end of September, US$2.74 billion less than at the beginning of the year, the Central Bank (BCTL) announced today. The FP's quarterly report, referring to the period between July and September, shows that the total value of the fund fell by around 930 million dollars compared to the previous quarter.
As has happened in recent quarters, the fund's value was conditioned by the behavior of international markets, with a negative return of US$617.13 million from investments.
Income includes $70.14 million in the form of “dividend and interest receipts”, minus $678.17 million in terms of “market value movement” and an 8.52% decrease due to currency movement.
“The result was a return for the Fund's portfolio of -3.48%, while the 'benchmark' for the same period was -3.71%”, explains the statement.
The report released today notes that the FP recorded a gross inflow of revenues of US$93.99 million, with government withdrawals from the Treasury account of US$404 million and operating costs of around US$3.66 million.
In the draft law on the General State Budget (OGE) for 2023, currently under debate in general in the National Parliament, the Government anticipates that the investments of the Petroleum Fund will lose more than 1,418 million dollars (1,443 million euros) this year, causing partially pull back gains, which were above expectations between 2019 and 2021.
The Petroleum Fund benefited from an unusually strong performance during 2019 to 2021. Investment proceeds totaled around US$5 billion [€5,088 million] in the three years from 2019 to 2021, well above expectations for long-term returns. term”, refers to the documentation that accompanies the proposal for the General State Budget (OGE) for 2023.
“The fall in the value of the Fund in 2022 caused some of the gains of the last two years that were associated with the very accommodative monetary and fiscal response to covid-19 to go back,” he explains.
The increase in interest rates by central banks around the world led, according to the Ministry of Finance, to both equities and bonds falling in value this year.
According to the Ministry of Finance, the balance at the end of the year could fall to 16,225.1 million dollars (16,656.8 million euros), which represents 17% less than the balance at the beginning of 2022, when it was 19,565 million. dollars (about 19,898 million euros).
Since its inception, FP has maintained an average annual return of 4.1%, with the equity portfolio being the main driver of returns, with an annual return of 9.1% since its introduction in 2010.
Crucial to public accounts is the Estimated Sustainable Income (RSE), a value set at 3% of wealth, which basically defines the maximum that can be raised

I wouldn’t take the Timor Leste state budget at face value. Most of the money allocated is never spent. A recent report on the 2022 budget gives damning figures on delivery failure. “Commission C notes that, until the end of the third quarter of the year, the execution rate was only 33%, a figure that at the end of October only rose to 41%, according to data from the budget transparency portal of the Ministry of Finance. The issue of poor budget execution has been a recurring aspect of the annual assessments of the EMBs in Timor-Leste, with the opinion of the Economy and Development Commission D, considering that the proposal for 2023 is significantly greater than the State's capacity to spend efficiently, putting the sustainability of public accounts at risk.”

Hasn’t Timor Leste left this too late? The war in the Ukraine will end. Gas prices will fall. One thing that won’t end is a move away from carbon fuels. Climate change is real and ironically the Island itself could suffer from rising sea levels. It will take years to get Chuditch up and running. Years in which the world will will have moved more and more towards alternative forms of energy. This needs to happen now. Not sometime in the future.

https://www.afr.com/companies/energy/santos-mulls-2-2b-bid-for-5pc-stake-png-project-20220927-p5blcx?fs=e&s=cl

https://www.afr.com/policy/foreign-affairs/east-timor-faces-fiscal-cliff-without-gas-project-imf-warns-20220923-p5bkew#:~:text=East%20Timor%20faces%20a%20%E2%80%9Cfiscal,the%20International%20Monetary%20Fund%20says.

https://www.forbes.com/sites/davidblackmon/2022/09/22/timor-leste-seeks-us-strategic-support-in-natural-gas-development/?sh=34583b8f7c45&fbclid=IwAR0qCPn180KuCsEdQbG49vsGuds6m875J2Xg5W9LrmDD2O_5cobC1YG5Cro&fs=e&s=cl

I was able to read the full article. Woodside digging their heels in. Stalemate at the moment.
Woodside chief executive Meg O’Neill in April called for “serious consideration” to be given to kick-starting stalled gas mega-projects, such as Sunrise in the Timor Sea and at Browse off the coast of Western Australia, as the world turns its back on Russian energy.
She said the energy crisis fuelled by Russia’s invasion of Ukraine “may help pick up the pace in progressing those discussions” on the Sunrise scheme’s production-sharing contract for the oil and gas fields in the East Timor Sea.

LEAKED REPORT BACKS EAST TIMOR FOR WOODSIDE’S SUNRISE GAS PROJECT

Developing Greater Sunrise by pipeline to the planned Beaço LNG Plant is not only technically viable and the best option for the citizens of Timor-Leste, it’s also the most cost-effective and commercially viable option, a recent report shows. Read more: https://bit.ly/3bnlANH.

Might explain the spike on Friday 29th July.

CORE STUDY FOR CHUDITH-1 WELL and SUNSET-1

Perth, Australia, 28-30 July 2022 - TIMOR GAP Chuditch Block with its operator Sunda Gas, as well as the National Authority for Petroleum and Minerals (ANPM) and the Institute for Petroleum and Geology (IPG) conducted a core study for Chuditch-1 well and Sunset-1 in Perth Core Library to understand the actual lithology and petrophysical parameter that derived directly from the core samples.