Timor-Leste: East Timor Approves Use of Petroleum Fund for Sunrise Acquisition

Jan 18, 2019 | Rick Wilkinson, Oil & Gas Journal
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East Timor President Fransisco Guterres has approved a decree allowing use of the country’s petroleum fund for the $650-million acquisition of the Royal Dutch Shell PLC and ConocoPhillips’s interests in the Greater Sunrise gas-condensate fields in the Timor Sea. Guterres had previously vetoed the proposal, saying at the time that it could allow the petroleum funds to be misused. He called for the proposal to be revised.