The Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, and the Director of the International Finance Corporation (IFC) for Indonesia and Timor-Leste, Euan Marshall, signed a cooperation agreement on March 21st at the ministry’s premises. The agreement includes technical assistance in the development of legal and regulatory frameworks and other areas for the Carbon Capture and Storage Project (CCS). 
Euan Marshall, Director of IFC, emphasised that the CCS project, associated with the closure of the Bayu-Undan gas field, represents an innovative and lucrative opportunity for Timor-Leste by managing wells and facilities on the Bayu-Undan platform. He also said that this project is exciting, given that Timor-Leste is preparing to lead CCS technology and the corresponding market in the region. 
Minister Francisco da Costa Monteiro emphasised that this project is an important initiative to decarbonise the oil industry, thus contributing to sustainable climate management, the control of carbon dioxide in the atmosphere and the continuity of oil and gas production.
Regarding the CCS’s benefits, the Minister emphasised its significant economic impact, allowing the active maintenance of the Bayu-Undan platform facilities, creating job opportunities and other socio-economic impacts.
This agreement between the Minister of Petroleum and Mineral Resources and the IFC follows the work already carried out with relevant organisations to share knowledge on CCS technology. The current focus is on technical assistance for developing legal and regulatory frameworks and other essential aspects of the CCS project.
David Freedman, IFC representative in Timor-Leste, also attended the signing of the agreement.