(First) Timor Gap Oil Contracts Let

Excerpt (Reuters, Sydney, 12 December 1991):

Eleven production sharing contracts were approved for petroleum exploration in area A of the Zone of Co-operation in the Timor Sea, Australian Resources Minister Alan Griffiths said.

Areas, operator, other interest holders and six-year commitments are:

Griffiths said the contracts would be executed within 30 days between the successful applicants and the Australia-Indonesia Joint Authority for the Timor Gap Zone of Co-operation.

The agreement was made at a meeting of the Ministerial Council for the Zone of Co-operation -- on which Australia and Indonesia each have two members -- attended by Griffiths and Indonesian Mines and Energy Minister Ginanjar Kartasasmita.

Griffiths said bids were received for 12 of the 14 contract areas in area A when bids were open between June 24 and October 7 1991, but one applicant subsequently withdrew.


He said 55 oil companies, including some that previously held exploration in­terests in the area, lodged applications.