Timor-Leste Petroleum Fund

Petroleum Fund Timor Leste

East Timor US$ 14.6 Billion
Established: 2005
Transparency Rating: 8
View Sovereign Fund Transaction Data
View Asset Allocation
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Origin: Oil & Gas
Firm Investment Style: Index
Entity Structure: Fund
Pop Est.: 1,176,000 – 2011 Estimate
Wealth Per Capita Est.: $12,415
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 500km 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.

Strategy & Objectives

SWF Asset Allocation

Key Executives and People

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

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