Timor-Leste Petroleum Fund

East Timor US$ 16.6 Billion Origin: Oil & Gas

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Sovereign Wealth Funds

Public Funds

Established: 2005
Transparency Rating: 8
View Sovereign Fund Transaction Data
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Firm Investment Style: Index
Entity Structure: Fund
Population Est.: 1,176,000 – 2011 Estimate
Wealth Per Capita Est.:

Fund Details

Strategy & Objectives

SWF Asset Allocation

Fixed Income Managers

Equity Managers

Consultants and SPs

Key Executives and People

Board and Advisors


Main Office

Petroleum Fund of Timor-Leste
Building #5
Palaco do Governo
Dili
Timor-Leste
Tel: +670 333 9646
Fax: (+99412) 498 77 53

Governance

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Petroleum Fund Timor Leste

Summary

The 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.

Background

The 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

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Timor Leste