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Petroleum Ministry, IFC hold workshop on Legal and Regulatory Frameworks for CCS project

Petroleum Ministry, IFC hold workshop on Legal and Regulatory Frameworks for CCS project

Phote: Minsitry of Petroleum and Mineral Resources

DILI, 10 october 2023 (TATOLI) – The Ministry of Petroleum and Mineral Resources (MPMR), in collaboration with the International Finance Corporation (IFC) organized a three-day workshop on the Legal and Regulatory Frameworks for the Carbon Capture and Storage (CCS) project.

Francisco da Costa Monteiro, the Minister of Petroleum and Mineral Resources, in his remarks at the workshop, said that having a clear understanding of the CCS project, especially the legal and regulatory frameworks, is important for the implementation of the project.

He said it was important to collaborate with key stakeholders in order to gather constructive thoughts in preparation for the project’s implementation.

The three-day workshop is scheduled for october 10 to 12 at the Hotel Timor in Dili, where the relevant authorities have been invited to participate in the workshop, including the representative of the National Maritime Authority (AMN), Ministry of Defense, Ministry of Interior, Ministry of Trade and Industry, Ministry of Transport and Communications, etc.

Bayu-Undan Carbon Capture and Storage (CCS) project will captured 10 million metric tons of carbon dioxide (CO2) per year – using existing infrastructure.

In september 2021, Santos, as operator of the Bayu-Undan Joint Venture, signed a Memorandum of Understanding (MOU) with the National Petroleum and Minerals Authority (ANPM) to progress Carbon Capture and Storage (CCS) at Bayu-Undan in the Timor Sea.

Earlier this year, the VIII Government of Timor-Leste approved a draft Decree-Law on the Conduct of Decommissioning Activities in the Bayu-Undan field.

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

The project will certainly put Timor-Leste on the world map as one of the leading countries in the decarburization efforts towards a net-zero target by 2050. Many expected the CCS hub to become one of the largest CCS in the Southern Hemisphere.

Last year, the Managing Director and CEO of Australian Santos Ltd, Kevin Gallagher also discussed the legal and regulatory frameworks with the VIII Government: “It will be critical to ensure the appropriate regulatory frameworks are in place for this work and we are currently working with the Government and regulator ANPM.”

The utilization of the Bayu-Undan field for the Carbon Capture Storage project is considered to be a solution for the oil and gas runout in the field. The Bayu-Undan field is expected to be dismantled in 2024 or 2025 if production is ceased.

 

Journalist: Camilio de Sousa

Editor: Filomeno Martins

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