|Subject: RT: Key facts about Timor Sea gas
Received from Joyo Indonesian News
Factbox: Key facts about Timor Sea gas developments
MELBOURNE, June 21 (Reuters) - Following are key facts about the Timor Gap treaty, oil and gas developments in the Timor Sea and Australia's need for a new gas supply.
The Timor Gap treaty was first signed by Australia and Indonesia in 1989. The Gap is currently split into three zones -- A is shared, B Australian controlled with an obligation to give 10 percent of any revenue to East Timor, and C is East Timorese controlled with 10 percent of any revenue given to Australia.
The shared zone of cooperation has been managed by the Timor Gap Joint Authority, which is expected to continue its role for at least another year.
The new treaty will see East Timor receive 90 percent of royalities from the region and Australia 10 percent.
GREATER SUNRISE: Operator Woodside Petroleum owns 33.44 percent, Phillips Petroleum 30 percent, Royal Dutch/Shell 26.56 percent and Osaka Gas Co Ltd 10 percent.
Greater Sunrise, which lies 20 percent in Zone A and 80 percent in Australian territory, has the capacity to supply long-term gas contracts for more than 30 years and contains around nine trillion cubic feet of natural gas and 320 million barrels of liquids.
The Greater Sunrise venture has been locked in conflict, with operator Woodside and Shell supporting a floating liquefied natural gas project while Phillips Petroleum would like the gas brought onshore to Darwin to service the domestic market.
Shell and Woodside have agreed to a review of potential Australian domestic gas partners, following pressure from the Northern Territory government.
But the venture needs a confirmed annual market of 330-350 petajoules before it will commit to piping gas to Australia. Instead Sunrise wants to sell 250 billion cubic feet a year to the United states, less than one percent of the total US market.
"We have a customer, we have an opportunity, but it will not be there forever. We have to get out there and capture that if it is the way we are to go with Sunrise," Shell Australia cghief executive officer Alan Parsley said.
Singapore-based Shell Eastern Developments has already expressed strong interest in using Sunrise gas to supply markets in South California and Mexico.
BAYU-UNDAN: Operator Phillips 48.47 percent, Santos Ltd
11.8 percent, unlisted Japanese energy group INPEX Corp 11.7 percent, Kerr McGee Corp 11.2 percent, Eni unit Agip 6.7 percent, Tokyo Electric Power Co Inc and Tokyo Gas Ltd together own 10.1 percent.
The field, which covers around 25km by 15km and lies in Zone A, has an estimated life of 25 years and a recoverable reserve of around 400 million barrels of liquids and 3.4 trillion cubic feet of gas. A$3 billion has already been spent developing it.
First liquids production is expected in 2004 and natural gas in 2006.
OTHER TIMOR GAP OIL AND GAS FIELDS
Laminaria: Operator Woodside Petroleum 44.9 percent, BHP Billiton 32.6 percent and Shell 22.5 percent.
Corallina: operator Woodside 50 percent, BHP Billiton 25 percent and Shell 25 percent.
The reserves of the oilfields are around 121 million standard barrels (proven) and 178 standard barrels (probable).
Elang/Kakatua/Kakatua North: operator Phillips , shareholders Santos, Inpex and Emet Pty Ltd.
Oil production began in 1998 and the fields have been producing around 17,000 barrels a day.
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