Timor Gap and Timor-Leste JV Gas Project Majority owned by Santos

Santos, the majority joint venture owner in Timor-Leste, announced on Monday that Timor Gap, a state-owned Timor-Leste oil company has acquired a 16 percent interest in Bayu-Undan's gas project.

Timor Gap is now a member of the Bayu-Undan JV which includes SK E&S, INPEX, Eni, and Tokyo Timor Sea Resources.

The joint venture partners manage jointly the Bayu-Undan Upstream Gas Project, which includes an offshore oil field and offshore production facilities and processing in Timor-Leste.

After the inclusion of Timor Gap, Australian oil and natural gas giant Santos has a 36.5% stake.

Santos didn't immediately respond to an'inquiry for comment.

Santos, its Bayu Undan JV partners and the project's proposed Bayu Undan Carbon Capture and Storage Project signed a Memorandum of Understanding last year to explore possible partnership opportunities.

Santos plans to convert the Bayu Undan field, the only oil and natural gas producing field in East Timor once production of oil and gas stops, into a project for carbon capture and storage. (Reporting from Adwitiya Shrivastava, Bengaluru. Editing by Subhranshu Sahu.)

(source: Reuters)