East Timor, the world's newest nation
formed in May 2002, announced that it has awarded offshore oil and gas contracts
to Italy Eni SpA and India's Reliance Industries through the tendering process.
Eni was awarded five offshore exploration areas while Reliance Industries was
awarded one.
The winning companies are expected to
enter into a production sharing contract with East Timor's ministry of natural
resources, minerals & energy, by 20 June 2006.
Formed in May 2002, this country is
the world's newest nation. It began petroleum production in mid-2004 with its
first production coming from the Bayu-Undan field.
Where is East Timor
located?
The country,
officially known as The Democratic Republic of Timor-Leste, is an independent
country located in Southeast Asia. It consists of the eastern half of the island
of Timor, the nearby islands of Atauro and Jaco, and Oecussi-Ambeno. East Timor
is bordered by Indonesian Indonesian West Timor. The small country is located
about 400 miles (640 km) northwest of Darwin, Australia. (Source: wikipedia.org)
intpetro