BAKU, Azerbaijan, October 30. Australia's Woodside Energy has agreed to sell its participating interest in the Sunrise Joint Venture, including the titles covering the Greater Sunrise fields, to Timor-Leste's national oil company TIMOR GAP for total consideration of up to $200 million, the company said on October 27.
According to the company, completion of the transaction is subject to the fulfilment of several conditions, including relevant government, regulatory and joint venture approvals. The deal is targeted for completion in the first half of 2027.
Woodside CEO Liz Westcott said the transaction reflected the company's disciplined approach to portfolio management and capital allocation.
"Greater Sunrise has been an important part of Woodside's portfolio for many years, and we recognise the project has the potential to deliver long-term economic and energy security benefits for Timor-Leste and the region," she said.
Westcott noted that the sale would simplify Woodside's portfolio and allow the company to focus capital and management resources on opportunities offering the greatest value to shareholders.
She added that Woodside had worked closely with the governments of Timor-Leste and Australia, TIMOR GAP and Osaka Gas to advance the Greater Sunrise project, including the development of a new fiscal, regulatory and legal framework.
According to Westcott, an agreement reached in August on the key principles of a new Greater Sunrise Production Sharing Contract and associated fiscal framework provided an appropriate basis for Woodside to sell its stake to TIMOR GAP.
"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," she said.
