Timor Sea deal

Timor Sea deal

CANBERRA (Reuters): Political changes occurring in Indonesia
would probably delay an agreement between Australia and Indonesia
on sharing of future revenues from natural gas discoveries in the
Timor Sea, the Australian government said yesterday.

"We were aiming to reach a conclusion on this by the end of
March," Australian Resources and Energy Minister Warwick Parer
said.

"In view of the changeover that's happening in politics in
Indonesia, I would expect that time would stretch out," Parer
said.

Sudjana said recently that Indonesia wants a floating facility
for the gas-rich Bayu-Undan gas field in the Timor Gap within
ZOCA.

Phillips Petroleum Co [P.N] and another Bayu-Undan
participant, The Broken Hill Pty Co Ltd, are evaluating separate
proposals to build facilities to process raw gas into LNG from
the Bayu-Undan field.