The Ministry of Petroleum and Mineral Resources, in partnership with the National Petroleum Authority (ANP- Portuguese acronym) and the International Finance Corporation (IFC), organised a seminar dedicated to the legal and regulatory framework for Carbon Capture and Storage (CCS) in Timor-Leste.
The event, which took place from October 10th to 12th, 2023, at the Hotel Timor in Dili, was attended by the National Maritime Authority and representatives of ministerial lines, including Defence, Interior, Trade and Industry, Transport and Communications, among others.
The event’s objective was to promote discussion on establishing a legal framework to encourage the development of CCS projects in the country.
The CCS initiative represents a crucial technological step towards substantially reducing carbon dioxide (CO2) emissions, something Timor-Leste considers of great importance, especially as the Bayu Undan field nears the end of its production.
The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, stated that “the world is moving towards decarbonisation“ and that “the technologies adopted by the oil industry aim to maintain oil production while ensuring a significant reduction in carbon dioxide emissions into the environment”.
“The CCS project aims to stimulate the national economy, create jobs and increase state revenues. It will support oil production while reducing carbon dioxide emissions,” he said.
Francisco da Costa Monteiro also stressed that “the Bayu Undan field has optimal geological conditions as its operations come to an end” and that “these conditions are conducive to the capture and indefinite storage of carbon dioxide for the future”. He added, “There is great interest, not only from Australia but also from the region, in commercialising CCS to our nation”.