Timor Leste

Basic Facts:

Government: Republic

GDP: $ 2.74 billion (2009 est.)

GDP Composition: 32.2 % Agriculture, 12.8 % Industry, 8.4 % Services

GDP Growth rate: 7.2 % (2009 est.)

Budget Revenues: $ 733 million

Budget Expenditures : $ 309 million (2009 est.)

Industry Product: printing, soap manufacturing, handicrafts, woven cloth

Maps:

East timor map.pdf

Extractive industries: brief overview

Short after its declaration of independence in 1999, the economic infrastructure of Timor-Leste was heavily destructed. Due to the massive international programs helping the reconstruction, Timor Leste continued to rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering work force. The development of oil and gas resources in offshore waters has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs for the unemployed because there are no production facilities in Timor. Gas is piped to Australia.

In June 2005, the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and to preserve the value of Timor-Leste petroleum wealth for future generations. The Fund held assets of US$ 5.3 billion as of October 2009. The underlying economic policy challenge to country faces remains how best to use oil and gas wealth to lift the non-oil economy onto a higher growth path and reduce poverty.[1]

Timor Leste was one of the first countries to commit to EITI and it has been praised by the World Bank for efforts in ensuring transparency and accountability in the management of the petroleum sector, specifically in the reconciliation and publication of government receipts and industry payment from the oil, gas and mining sector.[2]

Government body: Petroleum Fund of Timor Leste

National company: —

External company: —

Current condition:

No. Category Production

Consumption

Country Revenue
1. Oil 100.000 bbl/day (2008 est.) NA bbl/day NA
2. Gas 0 0 NA
3. Coal 100,9014 million short tons (2006) NA NA
4. Minerals NA NA NA

* Note: production of crude oil (including lease condensate), natural gas plant liquid and other liquids, and refinery processing gain (loss)


[1] Accessed from https://www.cia.gov/library/publications/the-world-factbook/geos/tt.html, 7 July 2010, 08.00 WIB.

[2] Agio Pereira, the Secretary of State for the Council of Ministers and Official Spokesperson for the Government of Timor Leste, Media Release, 20 January 2010.

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