Reliance bids for offshore Timor-Leste oil and gas resources

Singapore, Apr 20: Reliance Industries Ltd is one of the five international companies which have submitted bids to prospect oil and gas resources offshore Timor-Leste, it was announced here today.

The other four companies are ENI SPA, Petronas Carigali, Petroleo Brasileiro (Petrobras) and GALP Exploracao e Producao Petrolifera, which along with Reliance have submitted six bids, individually or in a consortia, for contract areas A, B, C, E, H and K.

Timor Leste Prime Minister and Minister for Natural Resources, Minerals and Energy policy, Mari Alkatiri said the response to the bids showed that the offshore area is internationally competitive.

Timor-Leste has been able to attract the confidence of recognised international Exploration and Production companies in a short period after gaining independence in May 2002, he said.

''The success of this bid enhances my confidence that we will be able to follow on with our planned onshore bid round later on this year,'' he said.

The six bids were submitted at the close of the first offshore concession offer round yesterday, the Minsitry of Natural Resources said.

An Evaluation Commission would evaluate the bids and identify the which of them offers best conditions and advantages for Timor-Leste for each contract area. The commission would present a report to the Minister on May 18 this year.

Results of the bids would be announced before May 22 and production sharing contracts signed before June 20, the Ministry added.

UNI