East Timor considers onshore oil block auction at the end of 2014

Timor Leste (East Timor) is considering launching its first auction of onshore oil blocks at the end of this year, the Oil & Gas Journal reported. The journal cited Timor-Leste’s Oil Minister, Alfredo Pires as saying that the government was looking into the possibility of auctioning onshore oil blocks at the same time as it its offshore auction. Studies carried out by specialists show that on Timor-Leste’s south coast there are dozens of occurrences of onshore oil, many of which are explored in a rudimentary way by the local population. Pires said that the government was also studying the possibility of setting up a consortium to manage some of the onshore oil projects. Chairman of oil company Timor Gap, Francisco Monteiro said in March that he was contacting partners from the Community of Portuguese-speaking Countries (CPLP) to set up a consortium for onshore oil exploration in Timor-Leste.