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)