The oil and gas fields that provide the single major source of revenue for Timor-Leste are about to run dry. So, last month, in a sudden move that Australian analysts suggest is unlikely to pay off, the Timor government spent nearly half-a-billion dollars to acquire a 30% share of the yet-to-be-developed Greater Sunrise oil and gas field.
While the gamble could help stabilise the Timor economy in years to come, building and operating a new liquid natural gas plant will contribute to rising sea levels that will threaten future generations of this island nation.
With more than 60 per cent of Timor’s 1.5 million people under the age of 24, the Timor government must think of tomorrow’s employment opportunities. But there is also the challenge of the present day, where the average monthly income of just $AUD160 means most Timorese people are living hand-to-mouth.
