TIMOR GAP to acquire Woodside stake in Greater Sunrise for $200M

Woodside Energy has agreed to sell its 33.44% interest in the Greater Sunrise gas project to Timor-Leste’s national oil and gas company, TIMOR GAP, for up to $200 million. The deal includes Woodside’s entire interest in the Sunrise Joint Venture, covering various retention leases and production sharing contracts in the Timor Sea.

TIMOR GAP currently holds a 56.56% interest in the venture and previously agreed to acquire a 10% stake from Osaka Gas. Upon completion of the Woodside transaction, TIMOR GAP will hold full ownership of the project. The company plans to develop the Sunrise and Troubadour gas and condensate fields via a pipeline to Natarbora on the southern coast of Timor-Leste.

The payment structure involves an initial $13.71 million upon completion, followed by $11.29 million within 30 days of a final investment decision on the LNG development. The remaining $175 million is contingent on production and will be payable within 365 days of the first LNG cargo loading. The transaction is expected to close in the first half of 2027, subject to regulatory and government approvals.