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Timor-Leste Oil Fund grows more than one billion in the fourth quarter of 2023.
6 February 2024
Report of the Central Bank of Timor-Leste shows that the values increased from 17.5 billion US dollars to 18.2 billion US dollars.
The Oil Fund (FP) increased by about one billion in the last three months of 2023. Released on Tuesday (6.02)
by the Central Bank of Timor-Leste (BCTL), the authority responsible for the management of the FP, the report highlights that, from the third to the fourth quarter of last year, the value grew from 17.5 billion to 18.2 billion.
Part of the values of the FP are invested in international financial instruments, such as securities (in countries such as the United States of America and Japan) and
equity, which involve shares. Agostino Maia, BCTL investment technician, explained that the increase in FP in the period has to do with the rise in the interest rate that central banks in the world have applied in recent times to mitigate global inflation.
"The positive return of the FP reflects the expectation and investment policy in the market, since central banks try, in the future, to reduce inflation, in order to follow its path without harming FP's investment in the international market," he argued.
Regarding the direct revenues from the exploration of oil and gas, the coordinator of the FP of the Ministry of Finance, Filipe Nery Bernardo reported that, last year, the values came only from the Bayu Undan field. Located on the maritime border of East Timor and Australia, the area is in the process of being dismantled, as its reserves have been exhausted.
With this in mind, the coordinator warned of the need to use the amount of FP with more caution. "If we can no longer improve the inflow of FP revenues, we can only do two essential things: the first is to reduce the withdrawal of the Fund, in order to follow what is provided for in the Estimated Sustainable Income (CSR) - or we can even raise less than is foreseen in the CSR. The second is to realise the value of the Government's survey so that we can review our investment strategy, in order to obtain more revenues and guarantee the Fund in the long term," said Filipe Bernardo.
The authorities, however, hope that the exploitation of oil and gas in East Timor will bring good returns and place confidence, above all, in the Greater Sunrise field, the only one with commercially proven reserves so far. Representatives of the governments of East Timor and Australia, as well as companies interested in the business are still defining an extraction plan.
The field is submerged, 150 kilometres from East Timor and 450 kilometres from Australia. According to the Maritime Border Treaty, signed between countries in 2018, if the gas is processed on the south coast of East Timor, Australia gets 30% of the revenues and East Timor with 70%; if the gas is taken for processing in Darwin LNG, Australia, 20% of the revenues stay with the country and 80% with Timor-Leste.
Pacific Island economies show resilience amidst challenges
A new report by ANZ Research says there are challenges ahead for six Pacific Island countries in sustaining the momentum of economic growth.
But they caution that slower job growth, capacity constraints in the tourism sector, and subdued consumer demand are expected to moderate growth rates
Timor-Leste, on the other hand, is eyeing significant economic growth potential with the development of the Greater Sunrise gas project, which could transform the nation into an upper-middle-income country.
https://islandsbusiness.com/news-break/pacific-island-economies-show-resilience/
Agree Jc. They have pencilled in end of this year for a drill so they must be confident of obtaining the permits in a reasonable amount of time. The rig might be a bigger deal.
Thanks Meadow. I agree that company defining breakthrough news is what we need. It does surprise me however, to see the current sp when significant progress has been made and a timetable towards drilling is laid out.
Many posters have complained at the lack of PR. PR is important between RNS releases. It keeps investors up to date and brings in new ones. It can often in itself generate a rise in the share price. Hosting the president of TL in front of an audience of financial and other interested parties is a big deal. It’s worth posting about. Well done Andy Yeo and good to see it on social media. Zero effect off course but very impressive nonetheless.
I guess funding and the fear of dilution hangs over us.
I noticed the company’s legal team (Teasdale) were all over the LinkedIn posts with their likes. They, off course arranged the last two equity fundings .So the less I hear from them, the better.
Meadow, the Timor Gap news was pretty concrete and that was a few days ago. No company can throw out big news every other week. The sellers have the upper hand but eventually that should change. That’s why we’re here.
Seriously don’t think there’s time for China unless China are ready and willing in the background with plans to move at speed . I doubt it.
How do you write so quickly? I linger over every line. Rewriting and changing.
Too many posts today. Madness. Need to move. Get some fresh air. Important we didn’t slide into an empty useless trading pattern. I’m encouraged.
I agree with every word of that and we’re going to find out very soon. Darwin is off the table. Won’t happen.
Time is up. Playing added on time to be honest.
Bottom line, if I for one moment didn’t believe in the commitment, competence and financial acumen of the TL government to see through the development of Greater Sunrise together with Chuditch, I would sell my entire holding right away. Compared to the crap that was once Gold Oil, this could go places. I’m impressed with what I’ve seen so far with a determined government seeking foreign investment from every corner. I’m optimistic.
One wonders did ENI base their decision on taking the adjoining block with reassurances on the Greater Sunrise project definitely going ahead.
𝗗𝗶𝗹𝗶 – 𝗙𝗿𝗶𝗱𝗮𝘆 𝟮, 𝟮𝟬𝟮𝟰
His Excellency Francisco da Costa Monteiro, Minister of Petroleum and Mineral Resources, welcomed Mr. Masashi Kanai, Deputy General Manager of ITOCHU, and Mr. Anthony Dereouchy, Project Manager at EDF, to his office in Farol. Also present was Mr. David Freedman, Country Representative of The International Finance Corporation (IFC) who played a crucial role, organizing this important gathering.
ITOCHU Corporation, a diversified Japanese trading company, operates across 61 countries in various sectors, including energy, minerals, textiles, and technology.
During the meeting, ITOCHU expressed interest in the CCS project at Bayu-Undan, aligning with its sustainability goals and expertise in the Energy & Chemicals sector.
The meeting concluded on a positive note, highlighting the promising opportunities. This gathering underscores the Ministry’s openness to welcoming more potential investors, reinforcing its commitment to developing a robust and sustainable energy sector.
You sound pessimistic. Easy to be cynical from previous outcomes but this is crunch time and the signs are very positive.
This matters. No Sunrise. No oil and gas industry. As an investor you have to believe.
Surely Greater Sunrise has been agreed. Why else would TL commit a substantial amount of their 2024 budget towards oil and gas infrastructure and train up large numbers of students for working in the industry.
This would be great news for BOIL and clear for a takeover or joint venture.
Sorry, ???
Jarv, you do realise I’ve posted this and discussed its contents.
On a more positive note, the share price is resilient today staying above 0.1p with good signs of a push upwards. The momentum is shifting towards a breakout. Days of stagnation have passed. A rush and a push and the land is ours.
I hope it’s just that. It’s not often spoken about on this board or anywhere else come to think about it but TL are in a race against time when it comes to increasing Climate Change legislature and a general divergence from oil and gas. Yes, gas demand will continue for the foreseeable future but I would want to get exploration in place now because things are changing and fast. Maybe, the kick up the butt they need.
A major fly in the ointment is described below. Any prospective partner could be deterred until sorted. Although, it also could be argued this puts the spotlight away from GS and onto Chuditch.
The future of new megaprojects planned for Australia's oil and gas sector will depend on an urgent regulatory solution to minimise legal challenges such as the one that held-up Santos' 55.8 billion Barossa project, consultant EnergyQuest says.
It pointed to warnings by Santos chief executive Kevin Gallagher that the uncertainty created by legal challenges to approved projects such as Barossa would be a big factor driving away overseas investment in the sector and risked "killing" the LNG industry.
"While existing LNG projects are essentially locked in, when it comes to new investments. we don’t see that statement as hyperbole, considering that all proponents of large, multi-decade projects need a certain regulatory environment," EnergyQuest said.
"It is difficult to see how rational investors would commit to new offshore LNG investment knowing that the approvals received can't be relied on and have a reasonable likelihood of being cancelled or materially delayed by a court.
VT, I will leave the minutiae, the history and the politics in your capable hands. I haven’t the patience nor the capabilities. But I do like a good bit of gossip.
When the company puts out a post, every word is carefully constructed. Can’t give anything away. It’s a code. This is how I read it.
“Fruitful discussions” means agreement. “Boil initiatives and future of Chuditch” means current negotiations.
The Timor Leste petroleum department and officials really should be shouting from the rooftops about this field and the upcoming drill. Possibly gagged by Sundagas with the market in mind. Judging by BOIL’s comments on Horta’s visit, the gloves are off and things are moving.
Incredibly positive. We should prepare ourselves for breakthrough news. Very soon.
Engaging discussions on shared goals and opportunities in the region. Looking forward to continued collaboration and growth.
A fruitful exchange on #BOIL initiatives, Timor's potential, and the future of #Chuditich.