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Jumat, Maret 10, 2023

Minister of Energy and Mineral Resource Finally Regulates the Implementation of CCS/CCUS During Upstream Oil-and-Gas Business Activities

The Minister of Energy and Mineral Resources, Arifin Tasrif, has finally stipulated Regulation No. 2 of 2023 on the Implementation of Carbon Capture and Storage/Carbon Capture, Utilization and Storage (“CCS/CCUS”) During Upstream Oil-and-Gas Business Activities (“Regulation 2/2023”).
Regulation 2/2023 comprises 11 chapters and 61 articles that focus on four main aspects of upstream oil-and-gas working areas, specifically technical aspects, business scenarios, legal aspects and economic aspects.
In terms of technical aspects, Regulation 2/2023 addresses the following two important matters: 1) Capture, transportation, injection and storage, and subsequent monitoring measurement, reporting and verification; and 2) Application of proper technical standards and rules based on the characteristics of each location.
In terms of business scenarios, Regulation 2/2023 permits the implementation of cooperation contracts in oil-and-gas working areas. In addition, business-to-business mechanisms that are implemented between oil-and-gas working area contractors and other industries in relation to sources of CO2 are also permitted. Meanwhile, in terms of legal compliance, proposed CCS/CCUS activities that will be undertaken by cooperation-contract contractors should be included in plans of development (PoD), while monitoring activities should be carried out up to 10 years after the completion of CCS/CCUS activities.
Ultimately, Regulation 2/2023 incorporates economic aspects through provisions that specifically address funding by other parties, including potential carbon credit monetization based on Regulation of the President No. 98 of 2021 on the Implementation of Carbon Economic Value to Achieve Nationally Determined Contribution Targets and Control over Greenhouse Gas Emissions in Relation to National Development.

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The Minister of Energy and Mineral Resources, Arifin Tasrif, has finally stipulated Regulation No. 2 of 2023 on the Implementation of Carbon Capture and Storage/Carbon Capture, Utilization and Storage (“CCS/CCUS”) During Upstream Oil-and-Gas Business Activities (“Regulation 2/2023”).
Regulation 2/2023 comprises 11 chapters and 61 articles that focus on four main aspects of upstream oil-and-gas working areas, specifically technical aspects, business scenarios, legal aspects and economic aspects.
In terms of technical aspects, Regulation 2/2023 addresses the following two important matters: 1) Capture, transportation, injection and storage, and subsequent monitoring measurement, reporting and verification; and 2) Application of proper technical standards and rules based on the characteristics of each location.
In terms of business scenarios, Regulation 2/2023 permits the implementation of cooperation contracts in oil-and-gas working areas. In addition, business-to-business mechanisms that are implemented between oil-and-gas working area contractors and other industries in relation to sources of CO2 are also permitted. Meanwhile, in terms of legal compliance, proposed CCS/CCUS activities that will be undertaken by cooperation-contract contractors should be included in plans of development (PoD), while monitoring activities should be carried out up to 10 years after the completion of CCS/CCUS activities.
Ultimately, Regulation 2/2023 incorporates economic aspects through provisions that specifically address funding by other parties, including potential carbon credit monetization based on Regulation of the President No. 98 of 2021 on the Implementation of Carbon Economic Value to Achieve Nationally Determined Contribution Targets and Control over Greenhouse Gas Emissions in Relation to National Development.

......

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Indonesian Legal Brief (ILB)
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Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent

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