Woodside has agreed to sell its entire Greater Sunrise interest to TIMOR GAP, Timor-Leste’s national oil company. The deal is worth up to $200mn, the two firms said on Tuesday. Once it closes, therefore, TIMOR GAP will own 100% of the gas project.
How the Greater Sunrise payments work
Most of the money depends on the project going ahead. First, Woodside gets $13.71mn at completion. Next, it receives $11.29mn within 30 days of a final investment decision (FID). Finally, $175mn falls due within 365 days of the first LNG cargo.
Meanwhile, Woodside expects the deal to close in the first half of 2027, subject to government and partner approvals.
Why it matters
The Greater Sunrise fields lie about 150 km from Timor-Leste and 450 km from Darwin. For years, however, the partners disagreed over where to process the gas. Now TIMOR GAP plans to fast-track a pipeline to Natarbora, on Timor-Leste’s south coast. For its part, Woodside chief executive Liz Westcott said the sale reflects disciplined capital allocation. Similarly, other majors are trimming portfolios; read our report on Chevron’s asset sales.
For a deeper analysis, read: Greater Sunrise: Why Woodside Took $13.7mn Upfront and Left the Risk With Timor-Leste
