New law sets Timor oil in motion

Woodside is set to resume work on the Greater Sunrise gas development in the Timor Sea after the federal government yesterday introduced legislation to ratify agreements with East Timor, reported The Australian (1/3/2007, p.24).

East Timor parliament approval: The Government’s move follows the ratification by the East Timor parliament earlier this month of the treaty on Certain Maritime Arrangements in the Timor Sea and the International Unitisation Agreement covering the two Sunrise reservoirs about 450km north of Darwin.

Woodside seeks East Timor LNG facilities: Woodside also has to convince East Timor a LNG development using Greater Sunrise gas in Darwin is better for the emerging country than locating LNG processing facilities within its national boundaries.

Big step toward petroleum development in East Timor: Federal Resources Minister lan Macfarlane said yesterday the passing of the legislation by the House of Representatives was an important step towards further petroleum development in East Timor. He looked forward to the day when Australia and East Timor could announce the commencemerit of petroleum production from Greater Sunrise.

Greater Sunrise to compete with Browse Basin LNG? Woodside chief executive Don Voelte has argued Greater Sunrise could compete with proposed Browse Basin LNG developments in securing export LNG orders.

The Australian, 1/3/2007, p. 24

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