East Timor has extended the deadline for its onshore and offshore oil and gas licensing cycle for the second time in an effort to spark the interest of international and domestic oil companies. The country's regulatory body, Autoridade Nacional do Petroleo e Minerais (ANPM), said the bid deadline has been extended to March 4, 2022, starting October 1, 2021.
The cycle, which offers a total of 18 blocks for public tender for production sharing contracts (seven onshore and 11 offshore in the Timor Sea), was originally launched on 10 October. October 19, 2019, with a deadline for submissions October 9, 2020.
The deadline was then extended to October 1, 2021. The ANPM said the global COVID19 pandemic has disrupted its plans to promote the licensing cycle of the past 2 years. . The extension gives interested parties more time to conduct internal studies and technical evaluations before submitting the bid.
The new timetable also provides for an additional deadline for submitting prequalification documents. This must now be on or before January 14, 2022. The round will be open for submissions for 2 months from January 1. 24, 2022.
This is the second licensing round in East Timor. The first took place in 2005-2006. The next round was postponed due to the territorial dispute with Australia in the Timor Sea that was resolved in August 2019
Terms of the second round do not require a signature bonus and general terms call for full cost recovery, 5% royalty, 60-40 profit split in favor of operators, and 30% income tax.