Oil and gas production in 2013 declined by 12% compared to 2012, mainly due to depletion of the Kitan field. With Kitan's closure in 2015, Bayu-Undan is the only remaining producing field in Timor-Leste. According to forecasts in the EITI Report, operations at Bayu-Undan will last until 2022. There is limited exploration activity. According to the National Petroleum Authorities, five development wells were drilled in 2014. Whilst some wells were immediately brought on-stream, others were unsuccessful.
Hydrocarbons accounted for 98% of exports in 2013.
Timor-Leste’s main resources are oil and gas. To date all exploration and production has taken place offshore in the Timor Sea. The Greater Sunrise gas fields could yield US$15 bn or so over 30 years, but there is no agreement yet on how to develop the field.
Timor-Leste also has undeveloped mineral resources including copper, gold, silver and chromite. However, these minerals have to date been difficult to access given the poor infrastructure in the country and the lack of a legal framework. The government is currently working on a Mineral Policy.