Woodside has agreed to sell its 33.4% interest in the Sunrise joint venture, including the Greater Sunrise fields offshore Timor-Leste, to the state-owned oil and gas company TIMOR GAP.

Subject to regulatory approvals, TIMOR GAP will pay up to $200 million for Woodside’s interests in Retention Leases NT/RL2 and NT/RL4, and production sharing contracts JPDA 03-19 and JPDA 03-20. 

Upon completion, TIMOR GAP will hold 100% of participating interests in the Greater Sunrise project, having agreed last year to acquire Osaka Gas’ 10% share. The transaction with Woodside will be paid in installments at different stages of the project.

TIMOR GAP said outright ownership would allow it to fast-track the development in the Timor Sea via a pipeline to Natarbora on the south coast of Timor-Leste.

The Sunrise and Troubadour gas and condensate fields (collectively known as the Greater Sunrise fields) are 150 km southeast of Timor-Leste and 450 km northwest of Darwin.

They were discovered in 1974 and contain an estimated 5.1 Tcf of gas and 226 MMbbl of condensate. TIMOR GAP believes first gas could be produced by 2030, assuming the approvals process concludes during the first half of next year.

Woodside CEO Liz Westcott said:

“While Sunrise remains a high-quality resource, the transaction further simplifies Woodside's portfolio and allows capital and management attention to be focused on opportunities that present the greatest shareholder value.

Woodside has worked closely with the governments of Timor-Leste and Australia, TIMOR GAP and Osaka Gas to advance Greater Sunrise, including the proposed new fiscal, regulatory and legal framework required to support its future development…

We are committed to working constructively with TIMOR GAP, Osaka Gas and the governments of Timor Leste and Australia to support an orderly transition and preserve the progress made towards the future development of Greater Sunrise.”