Timor-Leste's TIMOR GAP Signs Agreement to Acquire 33.44% Interest in Greater Sunrise Gas Field

en.Wedoany.com Reported - On October 27, Timor-Leste's national oil company TIMOR GAP signed an equity acquisition agreement with Australia's Woodside Energy, under which it plans to acquire the latter's 33.44% participating interest in the Greater Sunrise gas project for up to US$200 million. The transaction involves two gas and condensate fields in the Timor Sea and is scheduled to be completed in the first half of 2027. Combined with a previous agreement to acquire a 10% interest from Japan's Osaka Gas, TIMOR GAP intends to obtain the entire participating interest in the project.

The two parties agreed to pay the consideration in stages in line with project development progress. US$13.71 million will be paid upon closing of the transaction; US$11.29 million will be paid within 30 days after the project reaches a final investment decision (FID); and the remaining US$175 million will be paid within 365 days after the first LNG cargo for sale is loaded from the project. Woodside's interest covers two retention leases, NT/RL2 and NT/RL4, and two production sharing contracts, JPDA 03-19 and JPDA 03-20.

The Greater Sunrise project comprises the Sunrise and Troubadour gas-condensate fields, located in the Timor Sea approximately 150 kilometers southeast of Timor-Leste and approximately 450 kilometers northwest of Darwin, Australia. The project is estimated to hold approximately 5.1 trillion cubic feet of gas and 226 million barrels of condensate resources. Prior to the signing of this transaction, TIMOR GAP held 56.56%, Woodside held 33.44%, and Osaka Gas held 10%.

TIMOR GAP is advancing a development plan to transport natural gas from the Greater Sunrise gas field via subsea pipeline to the Natarbora region in southern Timor-Leste, and is carrying out option selection work for an onshore LNG project in Timor-Leste. The closing of the transaction will be subject to the government, regulatory, and joint venture approval procedures in accordance with the agreement between the two parties.