Timor-Leste takes full control of Greater Sunrise gas
Timor-Leste’s state-owned TIMOR GAP acquires Woodside’s 33.44% stake in the delayed offshore gas project for up to.
Australia’s Woodside Energy has agreed to sell its 33.44% stake in the delayed Greater Sunrise gas project to Timor-Leste’s state-owned company TIMOR GAP for up to $200 million. The deal, announced on Tuesday, marks a significant step toward placing one of Southeast Asia’s largest undeveloped offshore gas reserves under full Timorese control.
The transaction is structured in three payments. TIMOR GAP will pay $13.71 million upon completion, expected in the first half of 2027, with an additional $11.29 million due after a final investment decision. The remaining $175 million depends on the start of commercial LNG exports, with payment required within a year of the first cargo loading. The agreement is subject to government, regulatory, and joint venture approvals.
Payment terms and project details: greater sunrise gas
The Greater Sunrise fields, which include the Sunrise and Troubadour reservoirs, are located about 150 kilometers southeast of Timor-Leste and 450 kilometers northwest of Darwin, Australia. The area holds an estimated 5.1 trillion cubic feet of gas and 226 million barrels of condensate. TIMOR GAP plans to develop the project with a pipeline to Natarbora on Timor-Leste’s southern coast, supporting the country’s goal of establishing a domestic LNG industry.
Natural Gas
The sale follows TIMOR GAP’s earlier acquisition of Osaka Gas’s 10% stake in the project, consolidating its ownership. Rui Soares, TIMOR GAP’s chief executive, stated that the deal strengthens Timor-Leste’s position to accelerate development. “We are now in a stronger position than ever to expedite the development of Greater Sunrise and advance the selection of the Timor LNG development concept,” Soares said.
Strategic implications for both parties
For Woodside, the exit aligns with its strategy to streamline its portfolio. Liz Westcott, Woodside’s chief executive, noted that while Greater Sunrise is a high-quality resource, the sale allows the company to focus on opportunities with greater shareholder value. The transaction includes Woodside’s interests in Retention Leases NT/RL2 and NT/RL4 and Production Sharing Contracts JPDA 03-19 and JPDA 03-20, which cover the project area.
The Greater Sunrise fields have faced decades of delays due to disputes over development plans and commercial viability. The latest agreement follows a 2018 maritime boundary treaty between Timor-Leste and Australia, which established joint rights over the seabed containing the fields.
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