BANGKAPOS.COM — Timor Leste is known as the poorest country in the world, ranking 152 out of 162 world economic rankings.
Even said Timor Leste getting closer to bankruptcy and running out of money, because of its dwindling oil fields.
Timor-Leste is said to have dwindling cash reserves, with its only income being oil fields, which are run by foreigners.
Oil produced by oil fields Timor Leste will be given in the form of royalties, by the company working on the request.
According to New Zealand Ministry of Foreign Affairs Documents, this is extremely dangerous.
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The dwindling oil fields make the country increasingly depleted of its sources of income.
Not to mention the construction projects that are predicted to cost a large amount of money, and a fairly high debt from China.
“More than 75 percent of the resources in the Bayu-Undung and Kitan fields have been exhausted,” the ministry document said.
“Since 2012 (oil and gas revenue) has been declining,” he said.
“In 2014, oil and gas revenues provided 40 percent lower revenue to the government Timor Leste compared to 2013,” he added.
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