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The Wall Street Journal-Tuesday, June 22, 2010
SYDNEY (Dow Jones)--East Timor said Tuesday that it intends to present a development plan for a liquefied natural gas plant on its own shores to key stakeholders in the Greater Sunrise field later this year.
The government said in a statement that the next meeting of the Joint and Sunrise Commissions will be on August 5-6, with another meeting scheduled later in the year.
At the later meeting, the government said it will present a US$3.8 billion proposal for the development of the south coast of the country.
It said the development will be "pinned to be the hub of oil, gas and other subsidiary industries onshore where pipeline facilities are slated for production".
The Woodside Petroleum Ltd.-led (WPL.AU) Sunrise joint venture wants to develop gas from the Greater Sunrise field, which straddles Australian and East Timorese waters, on a floating LNG vessel.
East Timor, however, wants the gas processed onshore in East Timor.
The Joint and Greater Sunrise Commissions are stakeholder bodies designed to oversee the development of the Greater Sunrise field.
"The government of Timor-Leste and Australia have continued to utilize these mechanisms and confirm relations between the two countries continue to be strong and mature and will be reflected in the final development proposal which is still in initial stages of negotiations," East Timor spokesman Agio Pereira said in a statement.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com
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The Wall Street Journal-Tuesday, June 22, 2010
SYDNEY (Dow Jones)--East Timor said Tuesday that it intends to present a development plan for a liquefied natural gas plant on its own shores to key stakeholders in the Greater Sunrise field later this year.
The government said in a statement that the next meeting of the Joint and Sunrise Commissions will be on August 5-6, with another meeting scheduled later in the year.
At the later meeting, the government said it will present a US$3.8 billion proposal for the development of the south coast of the country.
It said the development will be "pinned to be the hub of oil, gas and other subsidiary industries onshore where pipeline facilities are slated for production".
The Woodside Petroleum Ltd.-led (WPL.AU) Sunrise joint venture wants to develop gas from the Greater Sunrise field, which straddles Australian and East Timorese waters, on a floating LNG vessel.
East Timor, however, wants the gas processed onshore in East Timor.
The Joint and Greater Sunrise Commissions are stakeholder bodies designed to oversee the development of the Greater Sunrise field.
"The government of Timor-Leste and Australia have continued to utilize these mechanisms and confirm relations between the two countries continue to be strong and mature and will be reflected in the final development proposal which is still in initial stages of negotiations," East Timor spokesman Agio Pereira said in a statement.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com
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