Woodside Energy is exiting the long delayed Greater Sunrise gas development in the Timor Sea. The Australian company said on Tuesday it will sell its 33.44 percent participating interest, including the titles containing the Greater Sunrise fields, to Timor-Leste’s national oil company TIMOR GAP for consideration of up to 200 million dollars, Reuters and LNG Prime reported.
The payments are mostly back loaded and tied to the project actually advancing. Under the schedule reported by Asean Coverage Finance, 13.71 million dollars is due at closing, a further 11.29 million dollars within 30 days after a final investment decision, and the remaining 175 million dollars within 365 days after loading starts for the first liquefied natural gas cargo ultimately destined for sale to a customer. The companies aim to complete in the first half of 2027, subject to government, regulator and joint venture approvals.
Osaka Gas agreed in September to sell its 10 percent interest to TIMOR GAP as well, and completion of both purchases would leave TIMOR GAP holding all participating interests in Greater Sunrise. TIMOR GAP president Rui Soares said the acquisition would put Timor-Leste in a stronger position to accelerate development and pursue the Timor LNG concept for its southern coast. Woodside chief executive Liz Westcott said the disposal would streamline the portfolio and free capital and management attention for other opportunities.
Woodside’s own growth focus is elsewhere. Its third quarter report put operating revenue at 4.28 billion dollars, up 27 percent year on year, on production of 46.2 million barrels of oil equivalent, down 9 percent year on year, with the Scarborough project 99 percent complete and a first LNG cargo targeted for the December quarter of 2026. The company narrowed 2026 production guidance to 174 million to 181 million barrels of oil equivalent.