Finder Energy has secured the principal environmental approval for its Kuda Tasi and Jahal (KTJ) oil development in Timor-Leste, clearing a key regulatory hurdle as the project moves towards a final investment decision.
Timor-Leste's Autoridade Nacional do Petróleo (ANP) approved the Environmental Impact Statement (EIS) for the KTJ project, establishing the environmental framework covering its development, construction, installation, operations and eventual decommissioning.
The approval follows the previously approved Field Development Plan (FDP), putting the key regulatory foundations for the development in place, according to Finder.
Finder Energy is now progressing joint venture processes, project agreements and debt financing ahead of a potential FID.
“With both the FDP and EIS now approved, the key regulatory foundations for development are in place. We continue to work with our joint venture partner and other stakeholders to complete the remaining commercial and financial activities to achieve FID,” said Damon Neaves, Finder Energy’s CEO.
The environmental framework also sets management and monitoring requirements throughout the project's lifecycle. The assessment was prepared by MCC Sustainable Futures in partnership with Timor-Leste advisory group Halona Serena and included consultation with regulators, government stakeholders, local communities and the public.
“With this important regulatory milestone now achieved, the KTJ Development Project can progress towards the next stages of development. The ANP looks forward to continued collaboration with the operator and its JV partners to support the timely execution of the project and the achievement of First Oil, for the benefit of all stakeholders,” added Gualdino do Carmo da Silva, ANP’s President.
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