The magnitude of the natural gas resource offshore Timor Leste had attendees at the recent OTC conference in Houston buzzing about the country's potential to become the 'next Guyana,' with a resource play that could change its economic future.
The country’s plans also go far beyond just producing and selling the natural gas and condensate. Mr. de Sousa detailed TIMOR GAP’s plans to create an onshore Timor-Leste LNG export facility for part of the gas, as well as plans to use a large share of the gas that will be used to reduce emissions in the island’s power generation. “Currently, we use heavy fuels in our power plants,” he stated during an interview.
Mr. de Sousa also described his company’s commitment to environmental protection and the steps that will be taken to fulfill it. He also stated that the National Government has already developed a set of regulations related to natural gas flaring and that, among other things, the Joint Venture plans to integrate both solar and wind power into the provision of electricity for its operations.
Another key aspect of Timor-Leste’s energy future is that the Greater Sunrise Field is far from the only area of significant oil and gas potential available to it. Mr. de Sousa said that TIMOR GAP is currently conducting seismic surveys and evaluations in several other areas, both offshore and onshore, that they believe have potential for future natural gas and liquids development.
All this potential had attendees at OTC referring to Timor-Leste as the next Guyana, a reference to the small South American country whose energy and economic future has been completely transformed by the massive oil discovery byand its own joint venture partners in the offshore Stabroek Block in recent years. Mr.
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