Woodside, the Australian energy giant, has transferred the Greater Sunrise gas project to Timor Gap. This decision comes after years of work on complex border frameworks between Australia and Timor-Leste. The deal, worth up to $200 million, allows Timor Gap to gain full control over Woodside's share and advance the expected development into the next phase.
Details of the Transfer and Project Goals
Liz Westcott, CEO of Woodside, noted that the Greater Sunrise project has been an important part of Woodside's portfolio over the years and is capable of providing long-term economic benefits and energy security for Timor-Leste and the region. She added, "While Sunrise remains a high-quality resource, this deal simplifies Woodside's portfolio and focuses capital and management on opportunities that bring the most value to shareholders."
Legal Developments and International Collaborations
Woodside has been closely collaborating with the governments of Timor-Leste and Australia, Timor Gap, and Osaka Gas to advance the Greater Sunrise project. This includes a new financial, legal, and regulatory framework that is essential for supporting the future development of this project. Westcott referred to the agreement on key principles that form the new Greater Sunrise production sharing contract and the related financial framework in August.
She added, "We are committed to constructive collaboration with Timor Gap, Osaka Gas, and the governments of Timor-Leste and Australia to support a smooth transition and maintain the progress made towards the future development of Greater Sunrise."
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