Can the Petroleum Fund Exorcise the Resource Curse from Timor-Leste?

Abstract

Oil and gas comprised 76.4% of Timor-Leste’s gross domestic product (GDP) in 2013 (RDTL GDS 2015) and provided more than 93% of state revenues in 2014.1 Most of the money from selling off non-renewable petroleum wealth has been saved in the Petroleum Fund — a sovereign wealth fund containing $17 billion. People expect the Fund to finance state activities after the oil and gas fields are exhausted, which could happen within five years, but the Fund may be empty by 2025. Timor-Leste has about a decade to use its finite oil resources to underpin long-term prosperity and development.

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