* World Business News Quick Take Jun 20, 2008
AED sells Timor Sea stake. Australias AED Oil said yesterday it had sold a 60 percent stake in its Timor Sea oil fields to Sinopec (), the second-largest crude producer in energy-hungry China ... AED chairman David Dix said that under the US$561 million deal, AED and Sinopec would form a joint venture company to develop assets including the Puffin and Talbot fields in the Timor Sea. (Taipei Times, Taiwan -- World)
Woodside Petroleum Expects `Tight' LNG Market Beyond 2015 as Demand Rises Jun 19, 2008
It is seeking gas for an expansion of the project, and has proposed LNG ventures at the Sunrise field in the Timor Sea and in the Browse Basin off the far northwest coast. LNG from Australia is ``best placed to meet Asia-Pacific demand,'' Woodside said in the presentation, given by Chief Executive Officer today at a UBS AG conference in Sydney. (Bloomberg -- Australia & New Zealand)
Italy's Eni receives OK to develop oil field in area administered by East Timor and Australia Jun 9, 2008
Eni said it will submit its development plan to the Timor Sea Designated Authority within 12 months ... The site is in the Timor Sea 170 kilometers (105 miles) off the East Timor coast and 500 kilometers (310 miles) off the Australian coast. (International Herald Tribune -- Travel)
Indonesia to quit OPEC May 29, 2008
The national Antara News Agency reported on Wednesday that a survey co-conducted by Inpex Masela Ltd and Indonesia's state-run oil and gas firm Pertamina has discovered a major gas deposit in Indonesia's West Timor Sea off East Nusa Tenggara province with an estimated reserve of 10 trillion cubic feet. Editor: An Lu. (Xinhuanet, China)
Crocodile and shark clash in battle Down Under May 24, 2008
The amazing encounter rarely captured on film before took place in the Daly River, one of many huge tropical river systems which empty into the Timor Sea, off Australia's north coast. The crocodile was unfazed by the presence of the fishermen, who flocked to the area last week for a barramundi fishing competition, the Barra Classic. (Telegraph.co.uk)
New leadership looks like the old May 16, 2008
The author, Paul Cleary, has reported that when East Timor was about to be granted independence, Alexander Downer was asked whether he favoured giving it a larger share of the oil revenues from the Timor Sea. No, said Downer, because the Timorese could not be trusted with windfalls from commodity exports. (Sydney Morning Herald -- Opinion)
Inpex Doubles Estimate for Indonesian Gas Field Reserves; May Expand Plant May 14, 2008
May 14 (Bloomberg) -- , Japan's biggest oil explorer, doubled its reserves estimate for the Masela gas field in Timor Sea to more than 10 trillion cubic feet, Indonesia's oil and gas regulator said. Inpex said last year that the Masela reserves were enough to be converted into 5 million metric tons of liquefied natural gas a year from a plant it plans to develop. (Bloomberg -- Japan)
Climate Solutions Often Harm Indigenous Peoples - UN Apr 3, 2008
The deal involves funding from ConocoPhillips, which runs a plant processing natural gas from the Timor Sea. (Editing by Mary Gabriel). (Planet Ark, United States)
Saving the athlete of the ocean Mar 20, 2008
There's the dark muscle the fish uses to swim from Tasmania to the Timor Sea; the big red blocks pressed to work in a 70kmh feeding frenzy; and the ultimate: the pink, melt-in-the-mouth belly meat. Another type of muscle, the political and commercial kind, sent the fish's numbers plummeting to critical endangerment, so strong was consumer demand. (Sydney Morning Herald -- Australia)
Oil Search PNG costs rise Mar 20, 2008
Indeed, Mr Marcellus said the project compared well with the plethora of regional competition -- in Queensland but also off Western Australia and in the Timor Sea -- with LNG demand and prices strong and remaining strong. He said initial discussions for offtake from the PNG project had been held with potential customers in Thailand. (Melbourne Herald Sun)
Inpex Makes New Crude Oil Discovery in Timor Sea Mar 15, 2008
said Monday it has discovered crude oil in a test well in the Timor Sea. "> --> Inpex Makes New Crude Oil Discovery in Timor Sea Tokyo, Mar 10, 2008 (Jiji Press) - Major Japanese natural resources developer Inpex Holdings Inc. said Monday it has discovered crude oil in a test well in the Timor Sea. Initial tests showed that 6,100 barrels of oil were produced daily at the well, located in a joint development area between East Timor and Australia, in which Inpex holds a 35 pct stake through a... (JCN Network, Japan)
Sinopec buys into Timor Sea oil assets Mar 9, 2008
Sinopec has agreed to pay A$600m (US$557m) for some of the assets of Australia's AED Oil in the Timor Sea, which will be China's first Australian oil acquisition. The deal follows overseas mining and energy acquisitions by Chinese companies aimed at fuelling the country's economic boom. (Financial Times)
Sinopec Group Buys 60% Stake in Australian Puffin Oil Venture From AED Oil Mar 7, 2008
March 7 (Bloomberg) -- China Petrochemical Corp., or Sinopec Group, agreed to buy 60 percent of 's Puffin and Talbot oil ventures in the Timor Sea for A$600 million ($559 million) in cash, gaining production in Australia. Sinopec International Petroleum Exploration & Production Corp. will take over as operator of the venture as part of the transaction, which values AED's assets at about A$1 billion, Melbourne-based AED said today in a statement to the Australian Stock Exchange. (Bloomberg -- Asia)
* LNG project will not offer stake to CPC, PetroChina Mar 1, 2008
Woodside is scheduling two similar decisions before then, for an expansion of the Pluto project by the end of this year and for the Sunrise project in the Timor Sea next year. Woodside could transfer the agreement to sell LNG to CPC and PetroChina to the Pluto or Sunrise ventures if required, Voelte said. (Taipei Times, Taiwan -- World)
LNG projects strain Woodside Feb 21, 2008
Fleshing out the company's retreat from major overseas-operated investment, chief executive Don Voelte said yesterday that teams of Woodside employees were working on a second plant on the Pluto site on the Burrup Peninsula, accelerating the Greater Sunrise development in the Timor Sea and taking part in an LNG hub servicing the Browse Basin north of Broome. These investments had yet to be fully scoped but they represent a capital commitment of tens of billions of dollars. (The Australian)
Woodside to spend $5b on projects this year Feb 20, 2008
The Sunrise project - a joint venture with ConocoPhillips, Shell and Osaka Gas - is in the Timor Sea between Darwin and East Timor. Woodside, the operator, has not yet chosen the preferred development option. (Sydney Morning Herald -- Business)
Cyclone Intensifies Off West Australia, Mines Shut Feb 18, 2008
Another Australian oil producer AED Oil Ltd. also stopped production at its oil field in the Timor Sea, due to the storms in the area. Australia's Bureau of Meteorology said on Sunday, Tropical Cyclone Nicholas was estimated to be 320 km (200 miles) north of Karratha and would be upgraded to a Category 4 cyclone from category 3 currently. (Planet Ark, United States)
Woodside, Apache Halt Australia Oil Fields as Cyclone Nicholas Approaches Feb 16, 2008
AED said Feb. 13 it had ceased production at the Puffin oil venture in the Timor Sea. Iron Ore. (Bloomberg -- Australia & New Zealand)
Cyclone Threatens Major Australia Mining Region Feb 14, 2008
Australian oil producer AED Oil Ltd said on Wednesday it had stopped production at its Puffin Northeast oil field in the Timor Sea, due to developing storms in the area. AED said that if a cyclone develops it would have to disconnect its production vessel from the field, which has a daily production rate of between 6,000 to 10,000 barrels, and sail it to calmer waters. (Planet Ark, United States)
Stocks Rise, Led by Wesfarmers, Commonwealth Bank; AED, Telecom N.Z. Drop Feb 8, 2008
AED is reviewing its assets after it twice cut forecasts for its Puffin venture in the Timor Sea. Centro Properties Group (CNP AU), the Australian owner of U.S. malls that put itself up for sale, increased 4. (Bloomberg -- Australia & New Zealand)
Medco seeks 49 percent production split in Aceh Jan 24, 2008
BPMigas deputy for operation Dody Hidayat said Wednesday the body had ordered Japan's largest oil and gas firm, Inpex Holding Inc., the operator of the Masella block in the Timor Sea, to use a floating LNG plant in the area rather than building a gas pipeline from the location. Dody said the company, which operates the block located more than 2,000 meters beneath the sea and is expected to produce around 4 million tons of gas per annum, could lease the facility. (Jakarta Post, Indonesia -- Business)
ConocoPhillips says higher energy prices helped drive 4Q profit growth Jan 24, 2008
The company attributed the decrease largely to the expropriation of its Venezuelan oil projects, its exit from Dubai, planned maintenance in the Timor Sea and unplanned downtime in Nigeria. Production results include ConocoPhillips' Canadian Syncrude operations but not its Russian Lukoil business, which it reports separately. (San Diego Union-Tribune -- Business)
Nexus makes $648m bid for Anzon Jan 23, 2008
The merged entity will have an emerging production profile and reserves base from Nexus' Longtom gas field off the southeast coast and the Crux gas field in the Timor Sea. "The combination of Anzon's immediate production and Nexus' pipeline of production and development assets will create a unique earnings profile that is characterised by substantial and long term growth," Nexus chairman Michael Fowler said. (Sydney Morning Herald)
'Indiscriminate' selling hits market Jan 21, 2008
6%, to 21 after reporting a production test at its Timor Sea well was not successful. In the US, President Bush called for about $US145 billion in tax relief for individuals and businesses, in an effort to boost the ailing economy. (Sydney Morning Herald -- Business)
The Archipelago Jan 7, 2008
He also warned all ferries not to sail through Flores Sea, Banda Sea and Timor Sea due to high waves that could reach up to seven meters, while in other coastal areas the waves could reach three to four meters. The bad weather forced ferries to cease operation and prevented fishermen from going to the sea. (Jakarta Post, Indonesia)
Rescued Indonesians returned home Dec 16, 2007
The three families had been detained on Christmas Island since they were rescued from their sinking wooden boat by the Royal Australian Navy in the Timor Sea on November 20. The group of men, women and children were suffering financial hardship from an ongoing crackdown - involving joint Australian-Indonesian patrols - on illegal fishing in Australia's northern waters. (Sydney Morning Herald -- Australia)
Why India's Hunger for Deals Shows No Abatement: Andy Mukherjee Dec 13, 2007
Private entrepreneurs are driving the agenda in India, with state-owned oil companies making a few small investments, such as Bharat Petroleum Corp.'s purchase this year of a 20 percent interest in an Australian exploration area in the Timor Sea. Fight for Jaguar. (Bloomberg -- Columnists)
Rudd sends home 16 asylum seekers Dec 8, 2007
THE Rudd Government is about to send home its first asylum seekers the 16 Indonesians rescued from their sinking boat in the Timor Sea during the election campaign. The decision by Immigration Minister Chris Evans has raised concerns that the Indonesians may not have had the opportunity to confidently put their case before their claim for asylum was rejected. (Sydney Morning Herald)
Navy remembers loss of HMAS Armidale I Dec 1, 2007
More than 100 people lost their lives after the ship came under attack by Japanese aircraft in the Timor Sea on December 1, 1942. The ship, one of sixty Australian Minesweepers built during World War II, was on return from Timor where it had been on a joint mission to evacuate Dutch troops and Portuguese civilians. (Sydney Morning Herald -- Australia)
Eden's lost horizons Nov 28, 2007
As the CSIRO predicts big rises in temperature over the next 30 years, Stephen Garnett, a professor of tropical knowledge at Charles Darwin University, warns that over the past decade the sea levels on our northern coast have been rising at four times the global average, partly in response to the shape of the Timor Sea towards New Guinea; such shallower seas are more prone to expansion through heat. The question: how much of a thermal increase can tropical birds, or mammals for that matter,... (Sydney Morning Herald -- Australia)
Herd: End of Race-Based Politics in Australia? Nov 28, 2007
Sixteen Indonesians, including ten children, were rescued from a sinking vessel in the Timor Sea, sparking memories of the children overboard incident during the 2001 Federal Election. Fortunately, this time, no such false claims were made, and the incident was not used as a political football by either party. (Zmag.org)
Passengers from leaky boat headed for detention centre Nov 22, 2007
SIXTEEN people, including toddlers and a baby, were being taken to Australia's detention centre on Christmas Island last night after navy crew rescued them from a leaking wooden fishing boat in the Timor Sea. The three men, three women and 10 children aboard the vessel were picked up by HMAS Ararat yesterday after their engine failed in rough conditions. (Sydney Morning Herald -- Australia)
Banks and financials take another hit Nov 22, 2007
AED's dramatic dive was caused by a downgrade in production forecasts at its Puffin field in the Timor Sea. Forecasts have been cut from 30,000 barrels a day to 20,000 barrels a day, and a second project has been delayed elsewhere in the field. (The Age)
More stories Nov 21, 2007
SIXTEEN people, including toddlers and a baby, were being taken to Australia's detention centre on Christmas Island last night after navy crew rescued them from a leaking wooden fishing boat in the Timor Sea. HELD hostage by Islamic extremists in a cave in Iraq, the Indonesian journalist Meutya Hafid felt a lifetime of memories flashing before her, including her five years as a student in Sydney. (Sydney Morning Herald -- Business)
Breaking News Nov 21, 2007
A group of 16 Indonesians rescued from a leaky vessel in the Timor Sea will be taken to Christmas Island to be assessed, the federal government says. 4:32pm. (Sydney Morning Herald -- Business)
Banking Stocks Decline on U.S. Economic Outlook; Woodside, Newcrest Climb Nov 21, 2007
The company cut forecast output at its Puffin venture in the Timor Sea and delayed the development of a second project. Boral Ltd. (BLD AU), Australia's biggest building products maker, declined 14 cents, or 2. (Bloomberg -- Australia & New Zealand)
Output stalled, so Woodside flogged Nov 15, 2007
Meanwhile, Woodside's executive vice-president of development, Paul Moore, said next year would be a "telling year" for the company's next generation of LNG assets - Browse off the Kimberley coast in WA and Sunrise in the Timor Sea. "Browse and Sunrise are strategically important projects poised to move forward in 2008," he said. (Sydney Morning Herald -- Business)
Woodside Cuts 2008 Output Forecast as Much as 20 Percent on Project Delays Nov 15, 2007
In September it agreed to sell its Mauritanian business, reducing output in Africa and focusing resources in Australia where it's building the A$12 billion ($11 billion) Pluto liquefied natural gas project, to be followed by LNG projects in the Browse Basin and Timor Sea ... The first production unit at Pluto is due to start up by the end of 2010, which may be followed two years later by a second unit at the Western Australian site, then by two production units at the Browse project and Sunrise... (Bloomberg -- Australia & New Zealand)
Mining boom could bust us Nov 11, 2007
More recently, East Timor adopted the model in full with some additional transparency measures for the management of its revenue from the Timor Sea. In Norway's case, all the tax revenue from its North Sea oil resources flows directly into the offshore fund which invests in government bonds and blue-chip equities. (Sydney Morning Herald)
They got a lesson 'They got a lesson' Nov 10, 2007
Across the Timor Sea, less than one hour's flying time from Dili, the Royal Australian Navy Station at Shoal Bay had listened in horror to an Indonesian radio message, transmitted on a secret wavelength. The essence of that message was that the incursion had succeeded and "all traces of the white men had been obliterated". (Sydney Morning Herald -- Australia)
Indonesia Invites Bids for 26 Exploration Areas Oct 31, 2007
West Timor, onshore and offshore in Timor Sea. 6. (Planet Ark, United States)
More of this story Oct 25, 2007
The production decrease from the previous quarter primarily was due to expropriation of the company s Venezuelan oil projects, unplanned downtime in the United Kingdom as a result of damage and repairs on a third-party pipeline, and planned downtime in the Timor Sea and United Kingdom ... In addition, the decrease was attributed to normal field decline, unplanned downtime in the United Kingdom and Nigeria, planned downtime in the Timor Sea and Norway, production sharing contract impacts, and... (Bartlesville Examiner-Enterprise, OK)
What they're eating on the superjumbo Oct 25, 2007
What they're eating on the superjumbo. October 25, 2007 03:02pm. (NEWS.com.au)
Gunn: Timor & Indonesia Oct 24, 2007
As Chief Minister under UN administration and as Prime Minister, Mari Alkatiri led negotiations over the Timor Sea Agreement, winning substantial concessions from a grudging Australia, although obliged to postpone legitimate international claims on maritime boundaries as Australia withdrew its accession to UN protocols on boundaries ... I was never against Australia, but I was elected prime minister of Timor Leste and I had to deal with extremely complicated issues related to the resources vital... (Zmag.org)
Woodside Cuts Oil, Gas Production Forecast on Asset Sales, Field Declines Oct 18, 2007
Production from Corallina in the Timor Sea, shut since Sept. 30, may also not resume for three to six months depending on the availability of a repair vessel, Woodside said. Output from the Otway gas project, started off Australia's southeast coast last month, has been slowed by ``start-up issues'' and probably won't stabilize until January. (Bloomberg -- Australia & New Zealand)
Stocks Climb, Led by Banks, James Hardie; Fortescue Metals, Rio Tinto Jump Oct 8, 2007
AED Oil Ltd. (AED AU), the Australian company developing the Puffin petroleum project in the Timor Sea, gained 20 cents, or 2 percent, to A$10. 23. (Bloomberg -- Australia & New Zealand)
Aussie firm eyes offshore LNG Oct 5, 2007
SINGAPORE: Energy minnow MEO Australia will begin a drilling campaign in the Timor Sea next week that could pave the way for the world's first offshore liquefied natural gas (LNG) plant, a company official said yesterday ... The West Atlas jack-up drilling rig is due next week to spud the first of two wells in MEO's NT/P68 exploration permit in the Australian waters of the Timor Sea to appraise gas reserves, some of which were first discovered and abandoned over 30 years ago. (The Star Online, Malaysia -- Business)
GEORGIA BLUE CHIPS Oct 4, 2007
The company attributed the decline to the loss of its Venezuelan assets, unplanned downtime in the United Kingdom and planned downtime in the Timor Sea and Alaska. - Associated Press. (Atlanta Journal-Constitution -- Business)
ConocoPhillips says 3Q refining margins off from prior quarter Oct 4, 2007
The company attributed the decline in output to the loss of its Venezuelan assets, unplanned downtime in the United Kingdom and planned downtime in the Timor Sea and Alaska. Earlier this year, ConocoPhillips refused to sign a deal with Venezuelan officials to keep pumping oil under tougher terms posed by President Hugo Chavez's government. (San Diego Union-Tribune -- Business)
Woodside exits Mauritania Sep 28, 2007
On Monday, it signed an agreement with Shell for a stake in the proposed Evans Shoal LNG project in the Timor Sea. Reuters. (The Star Online, Malaysia -- Business)
Woodside bails out of Mauritania, Africa to follow? Sep 27, 2007
This is the second significant transaction for PETRONAS this week after the Malaysian oil and gas producer signed an agreement with Shell for a stake in the Evans Shoal liquefied natural gas (LNG) project in the Timor Sea. The agreement gives PETRONAS a 25 per cent stake in the joint venture, which includes Shell, Santos Ltd and Osaka Gas. (Sydney Morning Herald -- Business)
Helium plants keeps NT on track for gas Sep 25, 2007
"Our deep port, rail line and potential gas supplies in the Timor Sea area make Darwin an attractive option for investors.". The news comes as the NT Government tries to snatch a $5 billion gas deal from Western Australia. (Northern Territory)
All the weaker, thanks to a greedy grab for oil Sep 24, 2007
This is one of the legacies of the tactics used by the Howard Government in its dealings with the poorest country in our region - East Timor - in the dispute over the Timor Sea's oil and gas ... What seemed a dull statement had profound implications for Australia's conduct in the disputed Timor Sea and elsewhere ... A return to these procedures was deliberately omitted from the resolution on the Timor Sea dispute Rudd put to the conference as foreign affairs spokesman. (Sydney Morning Herald -- Opinion)
S&P/ASX 200 Climbs to Six-Week High on Economy, Rates Outlook; CSR Slides Sep 4, 2007
The Australian oil company said the first cargo, 300,000 barrels, from its Puffin venture in the Timor Sea was sold to a refinery on Australia's eastern coast at a premium to Tapis crude. AWB Ltd. (AWB AU), Australia's largest wheat exporter, lost 15 cents, or 5. (Bloomberg -- Australia & New Zealand)
Japan to buy more LNG from Indonesia Aug 24, 2007
He cited gas production from Inpex's Masela block in the Timor Sea and Chevron's Ganal block off the coast of East Kalimantan, which are currently under development and could be used to meet export demand. Business News. (Jakarta Post, Indonesia -- Business)
Woodside First-Half Profit Jumps 16 Percent on Rising Output, Field Sale Aug 22, 2007
Woodside last month approved the fully owned A$12 billion Pluto LNG project off the northwestern coast and is seeking to develop the Browse LNG project, further to the northeast, and the Sunrise LNG project in the Timor Sea. The company is close to initial accords for the sale of LNG from Browse and Sunrise with customers in Asia, Voelte said. (Bloomberg -- Australia & New Zealand)
FEATURE-Troubled East Timor could be tourism paradise Aug 8, 2007
East Timor, one of the world's poorest nations with only around $400 income per capita, has more than $1 billion from rich energy resources in the Timor sea in a New York bank account. But the oil and gas sector will require specialised workers and will only be able to make a small dent in unemployment. (AlertNet)
Rich pickings Aug 2, 2007
In Australia Neptune is active mostly on the North West Shelf but has not yet penetrated the Timor Sea or Bass Strait. Carter says the company has the potential to double its Australian operations and has bought a dive operation to gain entree to the Gulf of Mexico. (Sydney Morning Herald -- Business)
Newfield Exploration Announces Executive Promotions Jul 31, 2007
From 1999-2001, Boothby was Managing Director - Newfield Exploration Australia Ltd. and managed the Company's operations in the Timor Sea (divested in 2003) from Perth, Australia. Prior to joining Newfield in 1999, Boothby worked for Cockrell Oil Corporation, British Gas and Tenneco Oil Company. (PR Newswire)
Stocks to watch Jul 30, 2007
Santos also announced this morning that its interest in the Timor Sea Bayu-Undan LNG, LPG and condensate development had increased from 10. 6 per cent to 11. (Sydney Morning Herald -- Business)
Woodside approves A$12bln Pluto LNG, above estimates Jul 28, 2007
Although ConocoPhillips commissioned its Darwin LNG terminal in northern Australia last year, it takes natural gas from the Timor Sea between Australia and East Timor. ENVIRONMENT. (San Diego Union-Tribune -- Business)
Gusmao, East Timor's Former President, Will Probably Lead New Government Jul 27, 2007
The CNRT alliance will put forward Gusmao as prime minister and plans to use the money earned from the Timor Sea oil and gas field to build homes and infrastructure, particularly outside Dili, de Araujo said. Strong Team. (Bloomberg -- Australia & New Zealand)
Venezuela Boot Costly for Conoco Jul 26, 2007
Management also expects third-quarter E&P segment contributions to be lower due to the expropriation of its Venezuela oil projects, unplanned downtime in the U.K. as a result of damage and repairs on a third-party pipeline, and planned downtime in the Timor Sea and Alaska. The third quarter's crude capacity utilization rate is expected to be similar to that seen during the second quarter, ConocoPhillips said. (SmartMoney)
ConocoPhillips income drops 94% Jul 26, 2007
ConocoPhillips said it anticipates third-quarter production to be lower than the most-recent quarter because of its departure from the Venezuelan oil market, unplanned downtime in Britain because of damage and repairs to a pipeline and planned downtime in the Timor Sea and Alaska. In a research note, J.P. Morgan Securities said investors may not like the production guidance. (San Diego Union-Tribune)
Do the fundango Jul 13, 2007
" Companies that have done well for the fund this year include Neptune Marine Services and AED Oil. Carter says Neptune is exporting new underwater dry welding technology, which will generate massive time and cost savings for repairs of gas platforms. Macquarie bought the stock on a price-earnings multiple of just four; it is now trading at a conservative 13. He says the fund bought AED Oil, which operates in the Timor Sea, at around 80c a share a year ago and it is now trading at around $8.50.... (Sydney Morning Herald -- Business)
