How Timor-Leste is attracting international investment for its $65 billion opportunities

THE ETHICS OF A GREAT OIL & GAS NATION - Timor Leste

Athens, 1995- First introduction to Timor-Leste by my father; he had visited Timor while still being under Indonesian occupation, and he spoke highly of the “most hospitable people he has ever met”. 

Fast forward to London, August 2018- since our first phone call with ANPM (Autoridade Nacional do Petróleo e Minerais), struggling with the usual APAC-UK time difference, I was pleasantly surprised by how approachable the ANPM really are. 

Warm, honest, open to feedback. The three most important ingredients for a successful relationship with a Regulator. We agreed to work together to promote them in the oil and gas industry worldwide as their strategic consultants and 360 promotional agency.

For the next year or so, every two weeks, we would religiously hold a meeting with their team, set targets, discuss challenges and then kick off the hard work. 

The task assigned was really exciting, yet complex: How to globally promote Timor-Leste’s $65 billion offshore assets.

Fresh out of the Maritime Boundary Treaty with Australia, Timor-Leste was ready to present their massive proven opportunities to the world: the Offshore Greater Sunrise and the Tasi Mane Mega Project.

Next stop: Dili, October 2019

On 3rd October 2019, during the Timor-Leste Oil & Gas Summit , ANPM announced its 2nd Offshore and Onshore Licensing Round.

Now, the Summit we launched was phenomenal and first of its kind in the country.

250+ international investors and Timor’s entire oil & gas industry and Government. 

Yes, the country is small, so it makes absolute sense that the Government is watching this space very closely, however, from my experience, the more dedicated, involved and aligned a Government is, despite political parties and differences, the better results will come out of our partnerships. Not to keep an eye open, but because they actually care. And that is unique and refreshing.

It is moving, to say the least, to sit next to national war heroes. Because, to the Timorese, celebrities are not artists and TV personas. 

Their celebrities have fought real wars, have been exiled, held in prison. Yet, they are standing among children, in conferences, educating themselves with all the latest news, shaking your hand, signing their biography for you and are still there, negotiating hard for their rich-in-resources land.

Growth, growth and more growth

Since our first meeting , ANPM’s resilience to growth and their eagerness to receive and listen to industry feedback was awe-inspiring. They worked hard, day and night, for months in a row, to ensure the Round would be indeed ready on time, then prepared a 360 presentation of their opportunities and updated regulations, whilst -always- listening carefully to IOC feedback and implementing expert suggestions with remarkable precision. 

Why is this so important? 

The country’s oil and gas legislation is built around equal partnerships, adaptability, and speed.

With every new concept introduced, the Timorese would quickly come back with proposals on how they would be best implemented, improved upon, and standardised. 

The best example of this is the speed with which they are performing onshore exploration, a fact that Suellen Osborne, CEO of Timor Resources happily attested to during the 1st Timor-Leste Oil & Gas Summit.

This unique energy stems from the love and patriotism of the Timorese people, proud of their land and its potential. “In this land, you drill for water and find oil.” said Xanana Gusmao, former President of Timor-Leste and Chief Negotiator of the Maritime Boundary Treaty, one of the humble heroes we had the honour to meet before, during and after the Summit.

This exact mindset has earned ANPM an excellent reputation with the majors, which we also witnessed during our London, Abu Dhabi and Houston Roadshows, where the meeting rooms were always full, and a huge list of IOCs were waiting for their turn to meet with the ANPM in the data room. 

And you know what they say right? 

The majors in London know an exciting opportunity when they see it.

Timor-Leste VS Coronavirus: We know the winner

Timor-Leste’s response to the epidemic has been swift and decisive. Their experience in recognising opportunities and capitalising on them, extends to their ability to recognise upcoming threats as well.

During the entire pandemic, the country has only had 22 cases of COVID-19, and no deaths. They took action from the first signs of international trouble, implementing the new safety measures within the same day. 

This response is emblematic of the attributes that have attracted so many international investors in the past decade. Sundagas, CGG, TGS, BGP, ConocoPhillips, ENI, Woodside, Santos Ltd and more international companies are already investing in Timor-Leste’s opportunities. 

Timor-Leste’s opportunities and how to prospect online

Now the oil and gas facts and how you can learn more about Timor:

Timor-Leste is holding its second offshore and first onshore licensing round this year. As part of the Licensing Round Roadshows, ANPM will be holding presentations online at the Timor-Leste: The Energy Online Series event.

Discover how to apply for the 18 available blocks, 11 offshore and 7 onshore and participate in the new opportunities:

• The Greater Sunrise fields contain more than 5.13 trillion cubic feet of gas, worth at least 50 billion dollars and 225.9 million barrels of condensate reserves, worth over $15 billion
• Onshore blocks contain more than 127 million barrels of recoverable oil, with the profits being $3.5 billion minimum, with the potential to triple as the onshore field reaches its potential
• $1 billion is invested in building an all-encompassing cluster of midstream and downstream projects

I look forward to seeing you online on June 4th, and in Dilli, once the global pandemic is over.

To summarise; Resilient. 

This is the world that describes this beautiful nation the best. And we are devoted to ensure the world knows.

PS. All profits from our Timor-Leste: The Energy Online Series will go to charities in Timor-Leste to help hospitals’ fight against coronavirus.