The Timor-Leste Government just published Government Resolution no. 15/2020, dated 3 June 2020, which reserves for the National Oil Company, TIMOR GAP, E.P., a maximum 20% participating interest in all production sharing contracts (PSCs) awarded as a result of the ongoing oil & gas licensing round. After the respective award, the PSCs will be subject to negotiation between the regulator (the ANPM - Autoridade Nacional do Petróleo e Minerais), TIMOR GAP, and the other members of the Contractor, and shall follow the approved Onshore or Offshore model PSCs, as applicable.

Should TIMOR GAP wish to increase its participating interest, it may also submit bids in the licensing round on equal footing with all other bidders.
 
This statute, which was approved on 2 October 2019, came into force on 4 June 2020.

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