Finder Energy has announced the mobilisation of “significant resources” to fast-track the timeline of its flagship Kuda Tasi and Jahal (KTJ) project offshore Timor-Leste.
The project is targeting initial oil by late 2027 or early 2028.
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Finder Energy said that its move comes as the global oil market faces volatility stemming from geopolitical unrest impacting Russian and Middle Eastern supply chains. The company added that this underlines the strategic importance of new production streams.
Notably, KTJ’s export routes through South East Asia remain unaffected by these disruptions.
To ensure the accelerated schedule, Finder Energy has executed key agreements with global oilfield services company SLB and its joint venture (JV) partner, TIMOR GAP. These deals are focused on securing critical long-lead items (LLIs), major equipment with extended manufacturing times and enhancing project schedule certainty.
A bridging agreement with SLB will immediately mobilise additional engineering and procurement resources and reserve vital subsea production equipment.
The farm-in agreement with TIMOR GAP has been amended to accelerate up to $20m in development funding for LLIs, split equally between the two companies. This rapid expenditure enables KTJ to lock in essential project components amid tight global supply and high competition for oilfield infrastructure, said Finder Energy.
The project recently marked a series of milestones towards a final investment decision. These include acquiring the Petrojarl I floating production storage and offloading vessel, completing the front-end engineering design for subsea systems and wells, and securing the development area.
Finder Energy has also appointed Australian investment banking firm Barrenjoey to arrange the debt component of the development capital expenditure, with interest from prospective lenders.
Rig negotiations are under way, supported by a letter of intent agreement with SundaGas aimed at lowering operational costs through shared drilling services.
Finder Energy stated: “Finder remains focused on delivering the KTJ project on an accelerated schedule and in a capital-efficient manner.
“The early commitment to LLIs reflects the company’s proactive approach to execution and positions the project to achieve first oil in late 2027/early 2028.”
