Timor-Leste Petroleum Fund
| East Timor | US$ 16.9 Billion | Origin: Oil & Gas |
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Profile Directories |
Established: 2005 Transparency Rating: 8 View Sovereign Fund Transaction Data Related Articles |
Firm Investment Style: Index Entity Structure: Fund Population Est.: 1,176,000 – 2011 Estimate Wealth Per Capita Est.: |
Fund DetailsMain OfficePetroleum Fund of Timor-Leste Governance[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ] |
SummaryThe government of Timor-Leste announced the inception of the Timor-Leste Petroleum Fund in August of 2005. The Minister of Planning and Finance of the government of Timor-Leste is responsible for managing the fund. The Minister of Planning and Finance; however, signed an agreement with the Banking and Payment Authority to take responsibility of the fund. BackgroundThe Bayu-Undan project, which is located 500 kilometers offshore of Darwin in the Timor Sea, yields an estimated 25-year field life of wet gas. Gas was first discovered in Bayu in 1995. In 2002, the authorization of creating a resource-based sovereign wealth fund is stated in Section 139 of the constitution of Timor-Leste. By late 2006, the Timor-Leste Petroleum Fund had reached US$ 1,011,763,807. By the end of 2007, the sovereign fund’s balance was slightly over US$ 2 billion. Historical Assets Under Management on Timor-Leste Petroleum Fund[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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