Timor Gap Awarded Offshore Licence
Timor Gap, the national oil company of Timor-Leste, said July 5 that it was awarded an offshore production sharing contract block midway between Timor-Leste and the Greater Sunrise gas-condensate field.
The PSC TL-SO-15-01 was awarded to Timor Gap with a 100% interest by Timor-Leste Government Resolution No. 44/2015 in December 2015. The 2,780 km2 Crocodile 3D seismic survey which covers most of the PSC area was acquired during 2016. In early 2017, a contract for a full prospectivity assessment including interpretation of the 3D seismic, prospect ranking and economics was awarded to French geophysics firm CGG.
“According to initial results from this assessment by CGG GeoConsulting geoscientists the seismic data reveals clearly the geology in the ‘subthrust’ zone beneath the northern slope of the Timor Trough,” the company stated adding that further prospective resources have yet to be determined, but the size of structures suggests the potential for substantial hydrocarbon accumulations closer to Timor-Leste’s shoreline. “This includes a previously unrecognised exploration fairway in intermediate water depths which provides several highly attractive exploration drilling targets.”
The Crocodile project was funded by the Timor-Leste government through Timor Gap.
Shardul Sharma