Source Pravda.Ru

East Timor sells its vast oil and gas fields

East Timor's Prime Minister on Friday kicked off the first leg of an international tour to attract oil and gas explorers to the Timor Sea, aimed at tapping the country's vast natural resources and bringing investment to the impoverished economy.

"Timor-Leste is open for business," the young nation's prime minister Mari Alkatiri said, using the country's official name.

"We are indeed applying the same principles of sound management and transparency to the licensing of petroleum development," said Alkatiri, also East Timor's natural resources minister.

The campaign follows recent parliamentary approval of a legal framework for the development of East Timor's onshore and offshore oil and gas resources and the long-term management of its petroleum revenues, according to the AP.

East Timor, which gained independence from Indonesia in May 2002, is banking on the country's fledgling energy industry as its dominant revenue stream.

At the presentation, East Timor's energy officials offered for sale 6,600 kilometers (4,100 miles) of seismic data of the Timor Sea which they said showed the presence of potential petroleum and gas resources.

The data covers an area of 30,000 square kilometers (11,583 sq. miles) from East Timor's southern coast to the Joint Petroleum Development Area, which Dili jointly administers with neighboring Australia.

My article The True Judas discussed the theory that Judas's actions in betraying Jesus were motivated by a misunderstanding of Christ's mission and purpose.

America's judases, part two: Gladys Knight

The United Kingdom stands fatally divided between nations, regions, generations, on the edge of a critical fault line which threatens the future of the Union.

Brexit: UK caught between the past and the future

The United Kingdom stands fatally divided between nations, regions, generations, on the edge of a critical fault line which threatens the future of the Union.

Brexit: UK caught between the past and the future
Comments
Americans, never give up your guns
Homosexuality and the Decline in American Values
Russian bomber crashes in Novgorod region
America's judases, part two: Gladys Knight
WaPo's Distorted Year in Review
Brexit: UK caught between the past and the future
Two Su-34 fighters touch wings in midair and crash into the sea in Russia's Far East
Dumped by the Trump that Americans Deserved
The Russians will soon wake up to lose two Kuril Islands to Japan
The Russians will soon wake up to lose two Kuril Islands to Japan
The scandal of skewed reporting
The scandal of skewed reporting
US Economic War on China
Russia's 2018: Confidence in Putin gone
Brexit: UK caught between the past and the future
Russian Foreign Ministry on Syria, Ukraine, and Phony US Election Meddling
Russian Foreign Ministry on Syria, Ukraine, and Phony US Election Meddling
Russian Foreign Ministry on Syria, Ukraine, and Phony US Election Meddling
Russian Foreign Ministry on Syria, Ukraine, and Phony US Election Meddling
Russian Foreign Ministry on Syria, Ukraine, and Phony US Election Meddling
Russia's Status-6 'doomsday weapon' nullifies all of American military projects