*Kalau di NKRI dilakukan perjanjian pengolahan kekayaan alam dengan pihak
asing atau swasta, pada umumnya tidak atau sedikit sekali diberitahukan
perjanjian tsb kepada umum, hal ini karena sifat kongkalikong penguasa
rezim neo-Mojopahit untuk mendapat uang kopi yang mengemukan dompet
pribadi-pribadi mereka. hehehe *

https://www.reuters.com/article/us-timor-australia-lng/how-australia-east-timor-treaty-unlocks-65-billion-gas-fields-idUSKCN1GJ

March 7, 2018 / 7:43 AM / 4 days ago
How Australia-East Timor treaty unlocks $65 billion gas fields

Henning Gloystein
<https://www.reuters.com/journalists/henning-gloystein>, Sonali
Paul <https://www.reuters.com/journalists/sonali-paul>

6 Min Read

   -


SINGAPORE/MELBOURNE (Reuters) - East Timor and Australia this week signed a
treaty at the United Nations setting their maritime boundary for the first
time, and striking a deal on sharing an estimated $65 billion in potential
revenues from the Greater Sunrise gas fields in the Timor Sea.

FILE PHOTO: Logos of Woodside Petroleum are seen at Gastech, the world's
biggest expo for the gas industry, in Chiba, Japan, April 4, 2017.
REUTERS/Toru Hanai/File Photo

For impoverished East Timor, with a population of just 1.3 million,
development of the fields is crucial — its main source of revenue since
2004, the Bayu Undan gas field, is set to run out of gas by 2022.

The treaty signing in New York on Tuesday marked the first conciliation
under the United Nations Convention on the Law of the Sea (UNCLOS) — a
process UN Secretary General António Guterres said could offer other
countries a path toward resolving contentious maritime boundary disputes.

At current market prices, the Greater Sunrise reserves would be worth more
than 23 times East Timor’s annual Gross Domestic Product (GDP) of $2.8
billion. aTLWOGDPA

Graphic on East Timor GDP: reut.rs/2tn4pVx

[image: Reuters Graphic]Development of the reserves has been held back by
the maritime border dispute between Australia and East Timor, a former
Portuguese colony that gained independence from Indonesia in 2002.

“The treaty is an important step that opens the way for developing a rich,
shared resource, the Greater Sunrise gas fields. We know this resource is
crucial to Timor Leste’s development,” said Australian Foreign Minister
Julie Bishop, who signed the treaty in New York on Tuesday with East
Timor’s Deputy Minister of the Prime Minister for the Delimitation of
Borders Hermenegildo Augusto Cabral Pereira.

However, the Greater Sunrise joint venture, led by Australia’s Woodside
Petroleum (WPL.AX
<https://www.reuters.com/finance/stocks/overview?symbol=WPL.AX>), which has
been a key party in the long-running negotiation, said it was disappointed
that the treaty did not contain a full development plan for the gas
reserves.

“It is disappointing that this process has not resulted in an alignment on
a development concept,” the Sunrise joint venture said in a statement on
Wednesday.

The Sunrise partners did not specify what they felt was missing in the
agreement, but it is likely that Dili insisted on the gas being processed
in East Timor for overseas sale, while the joint venture would prefer to
pipe the gas to Australia.

Graphic on map of Greater Sunrise gas fields: reut.rs/2oVyq9F



[image: Reuters Graphic]Under the terms of the deal, East Timor will get 70
percent of revenues if processing takes place in East Timor, and 80 percent
should the gas be piped to Australia.

That compares with an equal share under a 2006 agreement between Dili and
Canberra.
HOW MUCH GAS IS THERE?

The Sunrise and Troubadour gas fields, collectively known as Greater
Sunrise, lie beneath waters 100 to 600 meters deep, making them shallow to
medium-deepwater developments.

The fields were discovered in 1974 and, according to Woodside, hold around
5.13 trillion cubic feet of gas, the equivalent of more than a third of
current annual global LNG consumption.

At current market prices, the LNG would be worth almost $50 billion.

Like most gas fields in the wider region, including Papua New Guinea’s and
Australia’s huge liquefied natural gas (LNG) exports facilities, Greater
Sunrise also contains significant amounts of condensate, an ultra-light
form of crude oil.

Its 225.9 million barrels of condensate reserves at current market prices
would be worth over $15 billion.

Woodside Petroleum Ltd
<https://www.reuters.com/finance/stocks/overview?symbol=WPL.AX>28.6

WPL.AXAustralia Stock Exchange

-0.39(-1.35%)


   -

   WPL.AX
   -

   COP.N
   -

   RDSa.L
   -

   9532.T

WHO GETS WHAT?

Woodside and its partners have long said they would prefer to develop the
fields using a floating liquefied natural gas (FLNG) platform, considered
the most cost-effective option, as the fields are 150km away from East
Timor and 450km away from Darwin in Australia.

However the agreement signed on Tuesday lays out just two options — piping
the gas either to East Timor or Australia.

Dili has long pressed for the gas to be processed in East Timor, looking to
generate thousands of jobs in construction and, once developed, in the
lucrative oil and gas processing, storage, transport and petrochemical
industries.

Australia, however, has existing gas infrastructure and an experienced
workforce, making it the industry’s preferred location.
WHO IS INVOLVED?

The partners in Greater Sunrise are Australia’s Woodside, U.S. firm
ConocoPhillips (COP.N
<https://www.reuters.com/finance/stocks/overview?symbol=COP.N>),
Anglo-Dutch Royal Dutch Shell (RDSa.L
<https://www.reuters.com/finance/stocks/overview?symbol=RDSa.L>) and
Japan’s Osaka Gas (9532.T
<https://www.reuters.com/finance/stocks/overview?symbol=9532.T>).

Even with the new agreement, development could be years away. Woodside said
last May it may only develop Greater Sunrise after 2027.

Energy markets are just recovering from years of oversupply that depressed
oil and gas prices and deterred development of new gas projects.

Asia’s LNG markets, which Greater Sunrise would serve, are expected to
remain oversupplied into the early 2020s as production rises in Australia,
North America, Papua New Guinea and also Qatar.

It’s likely the Sunrise partners will bide their time before committing
billions of dollars to develop such a large project.

Reporting by Henning Gloystein and Sonali Paul; Editing by Bill Tarrant

Our Standards:The Thomson Reuters Trust Principles.
<http://thomsonreuters.com/en/about-us/trust-principles.html>
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