Timor-Leste Issues Termination Notice for PSC JPDA 06-103

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Operator Assistant
Expertise: Regulatory Compliance|Rig Mover|Wireline
Location: Bakersfield, CA
 
Operations Coordinator
Expertise: Logistics Management|Operations Management
Location: Sugar Land, TX
 
Director of Contracting
Expertise: Contracts Engineer|Refinery Specialist
Location: Salt Lake City, UT
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours