Finder Energy secures Timor-Leste approval for Kuda Tasi-Jahal development, targets September FID
Why this news matters:
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A major hurdle has been cleared: ANP approval allows Finder Energy to advance the Kuda Tasi and Jahal project toward a targeted September FID and potential first oil in 2027-28.
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The development could help revive offshore activity in Timor-Leste: The phased project would bring new oil production online while supporting future development opportunities in the surrounding PSC area.
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Project execution risk has been reduced: Approval validates the technical and economic work completed to date, strengthening Finder’s position as it seeks financing and commercial agreements.
Timor-Leste’s Autoridade Nacional do Petróleo (ANP) has approved Finder Energy’s field development plan (FDP) for the Kuda Tasi and Jahal Project (KTJ) in the Timor Sea.
This signals completion of the technical evaluation and development planning phase and provides the regulatory framework for development of the KTJ oil fields, allowing the joint venture to progress to a final investment decision (FID).
The FDP outlines a phased development that involves a redevelopment of the Petrojarl I FPSO, drilling of three subsea production wells, and installation of associated subsea infrastructure.
Finder Energy added that the facilities have been designed with capacity to support future discoveries and tieback opportunities within the surrounding offshore production sharing contract (PSC) 19-11.
Approval, the company continued, also validates the subsurface, engineering and economic work undertaken for the FEED process, and it should provide increased certainty for debt financing and commercial negotiations.
Approval paves way for project sanction
Finder Energy assumed operatorship in August 2024, and it has since matured the project through completion of subsurface studies, FEED, acquisition of the Petrojarl I FPSO, obtaining development area approval, and environmental studies.
For the Phase 1 development, the company plans two production wells in the Kuda Tasi field and one in Jahal; a subsea production system; flexible flowlines and umbilicals; and redeployment of the Petrojarl I for offshore processing, storage and crude export.
Other discoveries would be developed in Phase 2 and subsequent phases.
Finder Energy aims to take FID in September and deliver first oil in late 2027 to early 2028.
Rig-sharing plans face uncertainty
Earlier this year, the company announced a rig-share agreement with SundaGas Banda Unipessoal, which planned to use the rig (yet to be contracted) for the offshore Chuditch-2 gas appraisal well.
However, SundaGas recently received a letter from the ANP serving notice of termination of the PSC TL-SO 19-16.
SundaGas said it would evaluate its options.
Key takeaway:
Timor-Leste’s approval of the Kuda Tasi and Jahal development plan clears a critical path toward FID, bringing Finder Energy’s phased Timor Sea oil project significantly closer to first oil and opening the door for future tieback developments in the area.
About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.