Timor-Leste and Australia agree on new mining code and PSC

Offshore staff

(Asia-Pacific) - The Timor-Leste (RDTL) and Australia governments have implemented a new Petroleum Mining Code (PMC) and a model production sharing contract (PSC) in the Joint Petroleum Development Area (JPDA).

The new PMC and model PSC will apply to new contract areas currently advertised in the Timor Sea Designated Authority's (TSDA) Acreage Release 2006.

"This occasion marks a new era for the joint operations established under the Timor Sea Treaty between the two governments," saysJose Lobato, TSDA's executive director, .

03/21/06