Government of Timor-Leste

In a significant step towards fostering bilateral relations and promoting sustainable development, Timor-Leste’s Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, held a productive meeting with the Australian Ministers for Resources and Northern Australia, Madeleine King MP, and Foreign Affairs, Penny Wong. The meeting took place on January 23^rd, 2024, at the Parliament of Australia in Canberra and focused mainly on the joint development of carbon capture and storage projects and the advancement of the Greater Sunrise development. 

The ministers engaged in constructive discussions, highlighting the solid support and commitment to the Bayu-Undan carbon capture and storage project. Recognising the importance of this collaboration in tackling climate change and pushing technological frontiers, the leaders agreed to enhance cooperation in establishing the necessary legal and regulatory frameworks. This joint effort aims to facilitate the efficient movement of CO2 between the two nations, enabling the safe storage of CO2 in underwater reservoirs. 

They also reiterated their commitment to ongoing high-level dialogues and the consortium developing the Greater Sunrise fields (Sunrise Joint Venture). These discussions aimed primarily to finalise critical aspects of the Greater Sunrise project, including the Petroleum Mining Code, the Fiscal Regime, and Production Sharing Contracts. During the meeting, the mutual commitment of both nations to the commercially viable and mutually beneficial development of the Greater Sunrise project was emphasised. 

This meeting represents a positive step in regional cooperation. It highlights the shared vision of Timor-Leste and Australia in promoting sustainable energy solutions and economic development and strengthening bilateral relations between the two nations.