Publish What You Pay (PWYP)

The TSDA is required to publish details of payments made to it under an Authorisation which includes a PSC.  This legal obligation to PWYP is a significant step forward to achieving greater transparency and accountability. 

Prior to the Timor Sea Treaty entering into force, petroleum revenues were shared equally between Timor-Leste and Australia.  The table below reflects the prior revenue sharing arrangement as well as the respective 90/10 split of petroleum produced in the JPDA between Timor-Leste and Australia.

The table below highlights the reconciled aggregates of total company payments from the JPDA against total government receipts.  The TSDA receives revenues from the companies and subsequently distributes these revenues to the governments of Timor-Leste and Australia.  The TSDA does not collect any tax revenue as this responsibility lies with the relevant tax authorities of Timor-Leste and Australia.

The link following the table provides the detail of payments received by the TSDA to a project and a product level on a monthly basis rather than on a shipment basis.  It differentiates between condensate revenue, liquefied petroleum gas or LPG revenue and liquefied natural gas or LNG revenue for the projects currently in production, namely EKKN and Bayu-Undan.  The revenue includes both FTP and Profit Oil.

Petroleum Related Revenue - All Projects

More Detailed Table

FTP = First Tranche Petroleum under Article 7.9 of of JPDA PSC 03-12 & PSC 03-13

Profit Oil at Bayu-Undan was reached on October 2006, far earlier than originally anticipated on the strength of world oil prices and the strong performance of the Operator.
 

***Prior to the Timor Sea Treaty entering into force, petroleum revenues were shared equally between  Australia and Timor Leste.

** In May 2008, ENI paid their share of Profit Oil for the Bayu Undan project incorrectly. An amount of $11,298,906.74 was remitted directly to the TL government revenue account in error. The balance of their share of Profit Oil payable to the states equating to $3,011,355.32 was received by the TSDA and remitted to the governments in the month of May 2008.
The total revenue was agreed by the TSDA and the states received their appropriate share of the Profit Oil.
All correspondence and full reconciliation of this event is held by the TSDA.

The table above reflects the prior revenue sharing arrangement and the amended arrangement pursuant to the Timor Sea Treaty.
 

Back to top

Need further information on Petroleum Related Revenue? Please refer your query to Finance.