Member Info for filthylucre

Thanks, there are many excellent contributors to this board, all of whom are looking for that breakthrough story. In the absence of news, our sp has a tendency to slip slide away.

Worthwhile reading the interview from the VdA executive and his very positive thoughts on TL.

This exchange is quite revealing;

“ Thank you for the holistic overview of Timor-Leste, and sharing VdA’s experience in the country. What kind of companies are you looking forward to meeting in the Timor-Leste Oil & Gas Online Series and the 2nd Timor-Leste Oil & Gas Summit?

I would say newcomers. The industry is very small in the country still, so, newcomers will help it grow even faster. There is a tender for 18 new blocks, the Greater Sunrise Project is kicking off and the government will announce even more projects, as things are progressing. First-movers, not only companies willing to build a project, but also a reputation in the region. Investors willing to engage with all shareholders.

Australia has only one ambition for Greater Sunrise: to see the field developed as soon as feasibly possible to support Timor-Leste's development. I can assure you that Timor-Leste's commitment to onshore processing and to the south coast Tasi Mane project is clearly understood.

Timor-Leste is the majority shareholder in the joint venture, alongside Woodside and Osaka Gas. Technology is evolving, and the joint venture is looking afresh at the options. That is why its study into the options for Greater Sunrise should go ahead as soon as possible.

Our support for Timor's economic resilience is also why we strongly support your ambitions to convert the Bayu-Undan field.

https://www.foreignminister.gov.au/minister/penny-wong/speech/address-timor-leste-ministry-foreign-affairs-and-cooperation-dili-timor-leste

Might be worthwhile keeping an eye on this Portuguese law firm ( Vieira de Almeids). Together with Sundagas, Silver sponsors of the Timor Forum. Close relationship? Working together on a project?

https://www.in-vr.co/amp/timor-leste-legal-perspective-by-vda

Vieira de Almeida (VdA)

Andy Butler now a confirmed speaker at the 5th Timor-Leste
 Energy, Mining & Business Forum (26th - 28th September 2023).

The forum consists of high-level government authorities, energy and mining companies and major investors. Other speakers include the CEO of Santos, the VP of Offshore Upstream N. Australia & Timor-Leste and representatives from the World Bank.

https://www.timorleste-summit.com/

Woodside CEO speaking this week at the LNG 2023 conference in Vancouver.

Meg O’Neill told the conference that gas would be in demand for “decades to come”

“We are not going to scale down as demand keeps growing, and a lot of forecasters are suggesting that demand will grow,” Ms O’Neill said. She pointed to what is needed in Western Australia alone to phase out coal-fired power by 2030, including 4 gigawatts of gas-fired power generation and 4000km of new power lines for state of less than 3 million people.

“To scale that up, a world of 6 billion people, the numbers are huge, it really is quite staggering,” she said.

“The scale reinforces the role of LNG to help tackle energy needs because the world needs energy as it decarbonises.”

https://www.afr.com/companies/energy/international-energy-agency-slows-energy-transition-santos-chief-says-20230712-p5dnp9

Very significant.

Chuditch just became a lot more attractive.

President Horta’s response:

“ Today's speech of Sen. Penny Wong, Australia's Minister for Foreign Affairs, following meetings with TL’s President and Prime Minister: excellent speech in substance and delivery, (great communicator), soft, calm, persuasive, sincere, positive. We are now closer to agree on the development of the Greater Sunrise gas field. Timor-Leste and Australia can elevate our relationship to higher levels. “

English

_________________

Last week was the Offshore Technology Conference (OTC), where energy professionals from around the world meet to network and learn about latest offshore projects and innovation. Last year, President & CEO of TIMOR GAP, Antonio de Sousa introduced the company and the country (Timor-Leste) to the global industry. This year, President de Sousa and Woodside Energy EVP Andy Drummond sat down with moderator David Blackmon, Forbes columnist, to discuss the latest progress on Timor-Leste’s and Australia's Greater Sunrise fields. These are the highlights:

•Mr. Drummond noted that increased global demand for LNG, as the critical clean-energy transitional source, makes Greater Sunrise a priority project.

•Mr. de Sousa explained that Greater Sunrise now can be developed, upstream in the sea and downstream in Timor-Leste with a net reduction of carbon emissions and with natural gas replacing diesel for electricity.

•The two States and the joint-venture partners are committed to quickly complete the new legal and fiscal framework for this shared asset.

•Mr. de Sousa and Drummond emphasized that the partners’ Concept Selection Study will not interfere with the Trilateral negotiations. It awaits final approval from the Designated Authority to proceed and is a critical step for the partners to obtain capital from the global financial markets.

•They agreed that the outcome is expected to conclude that delivery of the gas should go to Timor-Leste’s south coast for processing the gas into LNG and delivery to local and regional markets.

•Mr. de Sousa stated, and Mr. Drummond agreed, that after almost 50 years since discovery of the fields, the momentum achieved in the past year, with obvious alignment between the two States, and within the joint-venture partnership, must continue.

•Developing Greater Sunrise provides critical revenues and a transformational change for the people and the future of Timor-Leste.

The audience clearly welcomed the solidarity expressed by these two partners, while Antonio and Andy assured the audience that their minority partner, Osaka Gas Australia, was in lock-step with them.

https://www.facebook.com/100083517152703/posts/pfbid02wqLy2su7iK8UtGWC4KXETg7XtbryfaSQWvcQZ6bGcqnRZvHYtcFgqML6tk7BacsPl/?d=n

We’ve spoken about this before but this really is a big selling point for Timor Leste , Greater Sunrise and Chuditch.

Santos Managing Director and CEO Kevin Gallagher said Timor-Leste is also well-positioned as a future provider of carbon management services. Santos working with both the Timor- Leste and Australian Governments to bring the Bayu-Undan CCS project to fruition and realise its potential as an important regional decarbonisation project benefiting both nations and our regional trade and investment partners.

Worth pointing out the four Santos MOUs are Korean and Japanese customers but local CCS facilities is still a strong selling point for future Chuditch development.

That was mentioned by Woodside a few weeks back. Considering it’s been bogged down for decades, six more months is actually great news. Question is, what progress, if any, has BOIL made on finding a deal on Chuditch? Investors clearly think, zero.

Santos CEO Kevin Gallagher highlighted that the Bayu-Undan CCS project could become a large-scale, low-cost, and commercial carbon storage solution that can accommodate CO2 from many regional projects, including future Timor-Leste field developments.

https://www.gasworld.com/story/santos-bayu-undan-ccs-project-secures-mous-for-carbon-capture-customers/2123114.article/

Mc, thanks for that. Noel, Noel.
The Director’s talk Interview was worryingly unenthusiastic. However the Seapex talk (Butler) was upbeat and optimistic . I’m not sacking Andy Yeo just yet. The next update is crucial. I’ll wait. We need to know what is going on. Even a hint would be welcome.

Some good news for both the Northern Territory and Timor-Leste today:
1. The Beetaloo Basin gets the greenlight
2. Four MoUs signed with Santos Ltd. for 3rd Party storage of CO2 in the Bayu-Undan reservoir.

https://www.listcorp.com/asx/sto/santos-limited/news/santos-2023-macquarie-australia-investor-conference-2869629.htm

The Minister of Petroleum and Minerals, Dr. Victor da Conceição Soares, received an audience from the Chairman of the Board of Directors and CEO of Timor GAP, E.P., Eng.º António José Loiola de Sousa, accompanied by Eng.º Francelino Boavida, as Director of the Downstream Business Unit, Timor GAP, E.P. , in the Office of the Minister of Petroleum and Minerals.

The purpose of the meeting was to report and update information on the progress of Timor GAP service activities, for the Minister of Petroleum and Minerals to follow, and at the same time update on progress related to Greater Sunrise Affairs, as well as the visit on duty by the CEO of Timor GAP, E.P., Eng. António José Loiola de Sousa, in Houston, United States of America, after the meeting with the Minister of Petroleum and Minerals.

Antonio de Sousa, President and CEO of TIMORE GAP EP, highlights the significance of natural gas production and LNG processing for one of the youngest and strongest democracies in Southeast Asia, Timor-Leste.

https://twitter.com/otcevents/status/1653492858740002845?s=21&t=Tvjj2KoTN8MIDTQjq4udaQ

Dunrobin was a dumbassed mistake. We get involved involved in the North Sea when the government is committed to net zero and Labour in waiting with a harder green agenda. This is 100% about Chuditch.

The opportunity was there a matter of weeks ago to deliver positive sounding words. We didn’t get “ we remain engaged with a number of interested parties” type language. We didn’t get “ the company is positive moving forward” words. Instead when asked about the CPR report, Andy Yeo says it was “pretty good”, not excellent, not game changing. I wouldn’t underestimate the damage done by that interview. Investors noticed the downbeat tone. Hopefully, an aberration and we will deliver the goods. But damned annoying.

Great find Stuart. Let’s hope he’s right. Great to read such a positive recommendation.

Perhaps it’s worth reminding ourselves of the huge potential of Chuditch. Extract from Colin Murray’s recent Seapex presentation:

• The Chuditch discovery appears substantially larger than previously assessed, with P50 estimate of recoverable gas resources of approximately 1.1 Tcf, significantly greater than resource estimates from earlier mapping.
• Adjacent prospects have either been enhanced, modified or removed on the new 3D PSDM mapping compared to earlier vintages. These additional features are anticipated to hold further mid-case prospective gas resources of approximately 2.1 Tcf in total.
• Subsurface risks associated with these resources have been significantly reduced on the improved new seismic data.
The uplift achieved through seismic reprocessing, and the resulting realisation that the Chuditch field appears to be materially largely than previously thought, means less appraisal drilling is likely to be required to achieve commerciality on the field. The effective ‘concentration’ of resources into the field that had previously been thought to sit in outlying prospects and leads simplifies the expected development concept, with fewer development wells required. These results add material value to the Chuditch project.

https://www.seapexconf.org/upload/ckimage/files/SEC%202023%20Session%2003%20-%20ABSTRACTS(1).pdf

ANPM are pushing hard to get investment. The IN VR event in London in June. Another example.

https://www.in-vr.co/global-energy-week

Reading a little bit about Santos. A company with a presence already in Timor Leste with a strong focus on CCS.
In the words of their CEO at the TL energy conference last year,
“Given that the wells and the facilities are already in place, Bayu-Undan CCS could be a low-cost, large-scale, commercial CCS project that could store CO2 from regional projects, including any future Timor Leste developments. This CO2 storage capacity at Bayu-Undan has the potential to provide the carbon solution for undeveloped fields in the region”.

Hopefully Chuditch was on his mind. .

https://www.santos.com/wp-content/uploads/2022/06/220614-SPEECH-Timor-Energy-and-Mining-Summit-2.pdf