Editing Economy of Timor-Leste (section)

===Energy===
{{Main|Energy in Timor-Leste}}

====Oil and gas====
The Portuguese colonial administration granted concessions to the Australia-bound Oceanic Exploration Corporation to develop petroleum and natural gas deposits in the waters southeast of Timor. However, this was curtailed by the Indonesian invasion in 1976.{{citation needed|date=November 2012}} The resources were divided between Indonesia and Australia with the [[Timor Gap Treaty]] in 1989.<ref>{{cite web|url=http://atns.net.au/biogs/A002026b.htm|archive-url=https://web.archive.org/web/20050616125127/http://atns.net.au/biogs/A002026b.htm|archive-date=16 June 2005|title=TIMOR GAP TREATY between Australia and the Republic of Indonesia ...|publisher=Agreements, Treaties and Negotiated Settlements Project|access-date=11 February 2013}}</ref> Timor-Leste inherited no permanent maritime boundaries when it attained independence.{{citation needed|date=November 2012}} A provisional agreement (the [[Timor Sea Treaty]], signed when Timor-Leste became independent on 20 May 2002) defined a Joint Petroleum Development Area (JPDA) and awarded 90% of revenues from existing projects in that area to Timor-Leste and 10% to Australia.<ref>{{cite web|url=http://www.aph.gov.au/library/pubs/RN/2001-02/02rn45.htm|archive-url=https://web.archive.org/web/20110604224608/http://www.aph.gov.au/library/pubs/RN/2001-02/02rn45.htm|archive-date=4 June 2011|title=The Timor Sea Treaty: Are the Issues Resolved?|publisher=Aph.gov.au|access-date=17 July 2011}}</ref> An agreement in 2005 between the governments of Timor-Leste and Australia mandated that both countries put aside their dispute over maritime boundaries and that Timor-Leste would receive 50% of the revenues from the resource exploitation in the area (estimated at [[Australian Dollar|A$]]26 billion, or about US$20 billion over the lifetime of the project)<ref>{{cite web|author=Geoff A. McKee|url=http://www.canb.auug.org.au/~wildwood/05mar26mckee.html|title=McKee: How much is Sunrise really worth?: True Value of a Timor Sea Gas Resource (26 Mar 05)|publisher=Canb.auug.org.au|access-date=17 July 2011|archive-date=23 August 2006|archive-url=https://web.archive.org/web/20060823032214/http://www.canb.auug.org.au/%7Ewildwood/05mar26mckee.html|url-status=live}}</ref> from the Greater Sunrise development.<ref>{{cite web|url=http://www.pm.gov.tp/bill.htm|title=Prime Minister and Cabinet, Timor-Leste Government – Media Releases|publisher=Pm.gov.tp|access-date=17 July 2011|url-status=dead|archive-url=https://web.archive.org/web/20110615034259/http://www.pm.gov.tp/bill.htm|archive-date=15 June 2011 }}</ref> In 2013, Timor-Leste launched a case at the [[Permanent Court of Arbitration]] in The Hague to pull out of a gas treaty that it had signed with Australia, accusing the [[Australian Secret Intelligence Service]] (ASIS) of [[Covert listening device|bugging]] the East Timorese cabinet room in Dili in 2004.<ref name=ABC>{{cite news|author=Australian Broadcasting Corporation|title=East Timor spying case: PM Xanana Gusmao calls for Australia to explain itself over ASIO raids|newspaper=Australian Broadcasting Corporation|date=5 December 2013|url=http://www.abc.net.au/news/2013-12-04/east-timor-pm-shocked-by-asio-raids-over-spying-case/5135146|access-date=26 May 2022|archive-date=12 April 2016|archive-url=https://web.archive.org/web/20160412181121/http://www.abc.net.au/news/2013-12-04/east-timor-pm-shocked-by-asio-raids-over-spying-case/5135146|url-status=live}}</ref>

At the time of independence Timor-Leste had per capita natural wealth equivalent to the wealth of an upper-middle income country. Over half of this was in oil, and over a quarter natural gas. The [[Timor-Leste Petroleum Fund]] was established in 2005 to turn these non-renewable resources into a more sustainable form of wealth. By 2009 it had a value of US$4.8 billion,<ref name="WBG2009">{{cite web |url=https://openknowledge.worldbank.org/handle/10986/28126 |title=Timor-Leste : Country Environmental Analysis |publisher=World Bank Group |date=July 2009 |access-date=24 May 2022 |archive-date=29 July 2022 |archive-url=https://web.archive.org/web/20220729160348/http://openknowledge.worldbank.org/handle/10986/28126 |url-status=live }}</ref>{{rp|4–6}} and by 2011 it had reached a worth of US$8.7 billion.<ref name="irin-asia">{{cite web|title=Observers divided over oil fund investment|url=http://www.irinnews.org/Report/94001/TIMOR-LESTE-Observers-divided-over-oil-fund-investment|publisher=IRIN Asia|date=18 October 2011|access-date=26 May 2022|archive-date=25 January 2016|archive-url=https://web.archive.org/web/20160125042905/http://www.irinnews.org/report/94001/timor-leste-observers-divided-over-oil-fund-investment|url-status=live}}</ref> Timor-Leste is labelled by the International Monetary Fund as the "most oil-dependent economy in the world".<ref name="art4">{{cite web|title=Article IV Consultation with the Democratic Republic of Timor-Leste|url=http://www.imf.org/external/np/sec/pn/2011/pn1131.htm|publisher=IMF|access-date=26 May 2022|archive-date=31 October 2013|archive-url=https://web.archive.org/web/20131031203415/http://www.imf.org/external/np/sec/pn/2011/pn1131.htm|url-status=live}}</ref> The Petroleum Fund pays for nearly all of the government's annual budget, which increased from $70 million in 2004 to $1.3 billion in 2011, with a $1.8 billion proposal for 2012.<ref name="irin-asia" /> East-Timor's income from oil and gas stands to increase significantly after its cancellation of a controversial agreement with Australia, which gave Australia half of the income from oil and gas from 2006.<ref>{{Cite news|title=East Timor axes Australia border treaty over oil reserves|url=https://www.bbc.com/news/world-asia-38551628|publisher=BBC UK|newspaper=BBC News|date=10 January 2017|access-date=26 May 2022|archive-date=26 May 2022|archive-url=https://web.archive.org/web/20220526233338/https://www.bbc.com/news/world-asia-38551628|url-status=live}}</ref> From 2005 to 2021, $23&nbsp;billion earned from oil sales has entered the fund. $8&nbsp;billion has been generated from investments, while $12 billion has been spent.<ref name="BTI2022">{{cite web |url=https://bti-project.org/en/reports/country-report/TLS |title=Timor-Leste Country Report 2022 |publisher=Bertelsmann Stiftung |year=2022 |access-date=2 May 2022 |archive-date=21 May 2022 |archive-url=https://web.archive.org/web/20220521144437/https://bti-project.org/en/reports/country-report/TLS |url-status=live }}</ref>{{rp|30}} A decrease in oil and gas reserves led to decreasing HDI beginning in 2010.<ref name="BTI2022"/>{{rp|18–19}} 80% of government spending comes from this fund, which as of 2021 had $19&nbsp;billion, 10 times greater than the size of the national budget. As oil income has decreased, the fund is at risk of being exhausted. Withdrawals have exceeded sustainable levels almost every year since 2009.<ref name="BTI2022"/>{{rp|23}}

====Electricity====
Electricidade De Timor-Leste (EDTL) is the vertically integrated monopoly generator and distributor of electric power within the on-grid areas.