Timor-Leste’s Autoridade Nacional do Petroleo (ANP) has issued a notice of termination to Oilex for the Production Sharing Contract of the Joint Petroleum Development Area 06-103, located in the Timor Sea, which is effective immediately.
The termination of PSC JPDA 06-103 is a consequence of the contractor’s "breach of the terms of the PSC", according to an ANP press release. This breach is said to have included "the contractor's failure to meet its minimum exploration work program commitments under the PSC".
The contractor of PSC JPDA 06-103 comprises Oilex, which is the operator, Japan Energy Corporation, GSPC Limited, Videocon JPDA 06-103 Limited, Bharat PetroResources JPDA and Pan Pacific Petroleum JPDA. The companies involved are currently discussing issues of financial liability with the ANP.
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