ctp last 24hrs summary, page-13

Money Magazine for me originally too.


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This is going to be an interesting situation.


East Timor rejects Darwin gas plant plan
January 14th, 2010


EAST Timor has hardened its position on the Greater Sunrise oil and gas field development in the Timor Sea, saying it will not accept Woodside's "current proposed plans" to develop the Greater Sunrise oil and gas field.

Secretary of State Agio Pereira said that Woodside's plan to pipe gas from the Greater Sunrise field to either Darwin or a floating liquid natural gas plant, rather than the closer Timor coastline, would not be approved by the government.

"The Timor-Leste pipeline option had been eliminated unilaterally by Woodside without due assessment," Mr Pereira said.

He said feasibility studies, including one conducted by the East Timorese government and Malaysian oil giant Petronas, had "revealed conflicting results to Woodside's original assertions".

Last night, Australian Resources Minister Martin Ferguson stood by the treaty governing the billions of dollars worth of oil and gas fields in the Timor Sea between Australia and East Timor.

He said the joint venture project headed by Woodside had yet to formally present a proposal for its preferred development model.

Woodside could not be reached for comment last night.

The Timor Sea treaty allows Australia and East Timor until 2013 to strike a deal, and Mr Pereira said the Timorese government government would continue to "act in good faith".

http://www.ntnews.com.au/article/2010/01/14/115551_ntnews.html