Production Sharing Contracts
The Timor Sea Designated Authority (TSDA) has signed production sharing contracts with international oil companies to explore for and extract petroleum in the Joint Petroleum Development Area between East Timor and Australia. Some of the contracts have been made public, and are included in OilWeb, as listed below.
These contracts are subject to the tax laws enacted by East Timor, the Taxation of Bayu-Undan Contractors and Timor Sea Petroleum Development (Tax Stability) Acts.
The first set of contracts were signed on 16 May 2003, amending earlier contracts which came into effect with the Timor Sea Treaty in April. They cover two adjacent areas, which include the three petroleum fields currently under active development in the JPDA.