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POLITICS, NATIONAL, DILI

ANPM-Santos sign an agreement on carbon capture and storage project

ANPM-Santos sign an agreement on carbon capture and storage project

The President of ANPM, Florentino Soares Ferreira (Image Tatoli/Francisco Sony)

DILI, 13 september 2021 (TATOLI) – The National Petroleum and Minerals Authority (ANPM) and Santos signed an agreement on the Carbon Capture and Storage (CCS) Project at Bayu-Undan Field.

The President of ANPM, Florentino Soares Ferreira said that the signing of the agreement was a milestone for Timor-Leste: “ANPM proves that Timor-Leste is proactively taking the lead in integrating its oil and gas sectors towards its commitment of accelerating decarbonization and meeting UN net-zero target by 2050.

Soares said that despite Timor-Leste being one of the lowest emission countries in the world and that the Paris Agreement provides waiver or concession to the developing and less developed nation such as Timor-Leste: “We understand that carbon trading or carbon credit market is an integral part of our future economy.”

“I believe this CCS hub will become one of the largest CCS in the Southern Hemisphere,” Soares made the comments after signing the agreement at ANPM’s office, in Dili, on monday.

He said the project will enable Timor-Leste and Australia to exploit its untapped resources in meeting energy as well as offsetting its carbon emissions and transitioning towards carbon-neutral economies.

“The increasing energy demands in South Korea and Japan as well as in the region and beyond; and the instance for carbon-neutral LNG –It opens up the opportunities for Timor-Leste’s 18 blocks that we are currently promoting in our second licensing round. Our blocks are now more than ever could become more attractive, as we are integrating our oil and gas industry into this decarbonization commitment and carbon trading economies,” he said.

Soares affirmed that the project will put Timor-Leste on the world map as one of the leading countries in the decarbonization efforts towards a net-zero target by 2050: “I look forward to the benefits that this project would bring for Timor-Leste, including job creation, revenue to the government, partnership opportunities, and knowledge transfer as well as capacity building in Timor-Leste – particularly a partnership with our National Oil Company TIMOR GAP, E.P.”

“In achieving all of these, both Santos and ANPM will put forward a tangible timeline and qualified team as well as allocating adequate resources to meet the deadlines that have been set for this project. By the end of the day we hope that we could achieve FID in a year or two as well as RFSU within four to five years’ time,” he added.

 

Journalist: Filomeno Martins

Editor: Nelia Borges Rosario

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