On February 24th, 2025, the Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, witnessed the signing of the Agreement for the Assignment and Acceptance of the State’s Participation in Petroleum Operations under the Production Sharing Contract for Contract Area PSC-TL-SO-22-23.
On behalf of the Ministry of Petroleum and Mineral Resources, the National Petroleum Authority (ANP) signed the Agreement with Eni Timor 22-23 B.V. (Eni) and TIMOR GAP PSC TL-SO-22-23 Unipessoal, Limitada (TIMOR GAP), a subsidiary of TIMOR GAP, EP. 
Under this Agreement, and in accordance with the State’s right of participation under the Timor-Leste’ Law, TIMOR GAP is granted a participating interest equal to 12.5% in PSC TL-SO-22-23.
Minister Francisco Monteiro said that “the Government has a clear policy to ensure maximum participation by the State company in the development of natural resources”. For him, the signing of the agreement between TIMOR GAP, E.P. and ENI represents “a concrete step in the implementation of this policy and we hope that both entities will implement this commitment effectively. He added that “ENI’s investment and the decision to allocate a budget for seismic research and exploration are clear signs of confidence in Timor-Leste’s ability to develop its energy sector and boost the national economy”. 
The TL-SO-22-23 Production Sharing Contract was signed between the ANP and Eni on December 14th, 2023. The contract area, formerly known as Block P, is located on the southern coast of the Timor-Leste Sea, between the Greater Sunrise gas fields to the north and the Chuditch gas field to the south. This Block was among the 18 Blocks that the Government of Timor-Leste released through the Second Timor-Leste Licensing Round 2019/2022.
Under this Production Sharing Contract, Eni and its recently formed joint venture partner, TIMOR GAP, are engaged in an active work program that includes seismic and drilling activities.
This signing ceremony paves the way for close collaboration between Timor-Leste and Eni to further explore oil and gas within national jurisdictions and to promote the development of the industry in the country. 