ANPM

AUTORIDADE NACIONAL DO PETRÓLEO TIMOR-LESTE

To be a leading petroleum and mineral regulatory authority in the region & a model for institutional development in Timor-Leste.

ANPM

PRODUCTION SHARING CONTRACT (PSC) -TL-SO-22-23 (“the PSC”)

December 14, 2023

PUBLIC ANNOUNCEMENT

PRODUCTION SHARING CONTRACT (PSC) -TL-SO-22-23 (“the PSC”)

We are pleased to announce that, acting pursuant to Article 10 of the Law No.6/2019 of 4th December, the second Amendment of Law No. 13/2005, of 2nd September, on Petroleum Activities (Petroleum Activities Law), and Articles 3.1 and 26.1 of Decree-Law No.62/2023 of September sixth, the 3rd Amendment of Decree-Law No 20/2008 of 19th June on the establishment of ANP (“ANP Decree-Law”), the Ministry through Autoridade Nacional do Petróleo (ANP) entered into Petroleum contract with Eni to undertake exploration activities in contract area block P.

The PSC foresee the participation of Timor-Leste in the Petroleum Operations through TIMOR GAP, either through the exploration phase or development phases, in accordance with the terms of the PSC and Article 22 of the Petroleum Activities Law.

Eni is committed to executing its obligations under he PSC for both exploration and local content commitment in accordance with the terms of this PSC and the Decree-Law No.32/2016 of 17th August on Offshore Petroleum operations in Timor-Leste (“Offshore Decree-Law”). In year one, ENI shall acquire 1500 Square kilometers of 3D seismic and 50 Line Kilometers of 2D seismic, and process them in the following year. Subsequently, an exploration well will be drilled in year three with a minimum Total Depth of 2500 m (True Vertical Depth), along with the geochemical and other Geotechnical studies.

Through Timor-Leste Second Licensing Round 2019/2022, Eni Australia B.V showed an express of interest by submitting their bid for Block P. After the bid evaluation, Eni was announced as the Bid winner for Block P, which paved the way for negotiating the terms and conditions of the signed PSC.

This remarkable achievement demonstrates a mature relationship between the Ministry/ANP and Eni to develop the petroleum industry in Timor-Leste. We wish Eni successful exploration activities.

For further inquiries on the content of this public announcement, please contact publicinquiry@anp.tl.

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