Bishop of Dili calls for independent control of Timor Sea oil
Bishop of Dili calls for independent control of Timor Sea oil
Agence France-Presse, Lisbon
The Bishop of Dili called Wednesday for the creation of an
independent body to oversee the exploitation of Timor Sea oil
reserves, the Portuguese news agency Lusa reported.
"The oil is under the Timor Sea, it belongs to everybody and
everybody has the right to know what is at stake. That is
democracy and transparency," Bishop Ximenes Belo told the agency.
Belo proposed the creation of an independent body, called
"Timor Gap Watch", to oversee and control the flow of oil and
revenues in and out of the newly independent country.
Belo, who was awarded the 1996 Nobel Peace prize, stressed
that such a move would be a positive step towards greater
democracy, not a sign of distrust in the government.
East Timor and Australia last May reached agreement on the
division of oil and gas revenues from the Timor Sea, which could
ultimately enable the nation to end its dependence on foreign
aid.
The Timor Sea Treaty awards East Timor 90 percent of profits
from oil and gas developments in a designated joint production
area, which would guarantee Asia's poorest nation up to five
billion dollars in earnings over the next 17 years.
The joint production area covers some 20 percent of a vast oil
and natural gas field known as Greater Sunrise.
Belo stressed however that East Timor still depended heavily
on international aid and that it was unclear how much oil and gas
reserves would really spur economic development.
"It remains a mystery. We do not know how much money it will
generate. We may not know for certain until 2006 or 2007," he
told the Lusa agency.
He further argued that East Timor should not rely too heavily
on oil and gas resources, saying: "the source can dry up, and is
vulnerable to a crisis or poor management".
Belo last year announced his intention to retire for health
reasons, and is currently resting in a retreat belonging to his
religious order in Portugal.