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IFC and Government sign Partnership Agreement to implement Carbon Capture and Storage project

IFC and Government sign Partnership Agreement to implement Carbon Capture and Storage project

Image Tatoli/Antonio Daciparu

DILI, 22 march 2024 (TATOLI) – The Minister of Petroleum and Mineral Resources (MPMR) and International Finance Corporation (IFC) have signed a one-year cooperation agreement for the implementation of the Carbon Capture and Storage (CCS) project in Bayu Undan field.

The agreement was signed by the Petroleum Minister, Francisco Monteiro, and the IFC Country Director for Indonesia and Timor-Leste, Euan Marshall, in Dili.

According to Francisco Monteiro, IFC will provide technical assistance to the ministry, contributing to the formulation of legal and commercial frameworks, as well as sharing its experience in similar projects in other countries.

Euan Marshall, IFC Country Manager for Indonesia and Timor-Leste said that the collaboration is also intended to support the ministry in exploring the conditions necessary to establish an innovative carbon capture and storage site in Bayu Undan.

“This project will serve as a new source of income for the country and the community. This new potential for carbon storage will ensure the sustainability of the petroleum industry in Timor-Leste and contribute to mitigating the effects of climate change,” Marshall said.

Previously, the former President of the National Petroleum and Minerals Authority (ANPM), Florentino Soares Ferreira said that the Bayu-Undan Carbon Capture and Storage (CCS) project is estimated to generate up to US$7 billion.

Bayu-Undan Carbon Capture and Storage (CCS) projects will capture 10 million metric tons of carbon dioxide (CO2) per year.

The Bayu-Undan Carbon Capture and Storage (CCS) project is estimated to cost US$1.6 billion.

In september 2021, the National Petroleum and Minerals Authority (ANPM) and Santos signed the agreement on the Bayu-Undan Carbon Capture and Storage (CCS) Project at Bayu-Undan field.

 

Journalist: Jose Belarmino de Sa

Editor: Filomeno Martins

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