New Decree Laws passed23 Aug 2023 13:22
Also presented by the Minister of Petroleum and Mineral Resources, five draft Decree Laws were approved:
for the second amendment to Decree-Law no. 31/2011, of July 27th, TIMOR GAP - Timor GΓ‘s & PetrΓ³leo, E.P.. This amendment aims to correct inaccuracies and flaws detected, adapt the governance structure of TIMOR GAP, E.P. to the standard followed by international and national companies in the energy sector, and expand its scope of action to meet the energy transition challenges better. The aim is also to simplify and optimise the law, repealing provisions already included in other applicable legislation to avoid duplication and confusion. The objective of this strategic reorientation is for TIMOR GAP, E.P. to focus on its priority mission, avoiding unnecessary dispersion in unprofitable commercial activities, while strategic projects for the future of Timor-Leste have not made the desired progress. Lastly, the aim is to increase the degree of transparency and control of TIMOR GAP, E.P.'s activities, bringing them into line with international best practices and national legislation, helping to restore the sector's credibility and maintain Timor-Leste's status in the Extractive Industries Transparency Initiative.