The Timorese state-owned oil company Timor Gap reached a binding agreement with Osaka Gas Australia to acquire the company's 10% stake in the Greater Sunrise project, thus raising its stake to 66.56% of the consortium. Previously, Timor Gap held 56.56%, the operator Woodside Energy held 33.44%, and Osaka Gas held 10%.
The acquisition includes Osaka Gas's stakes in the two production sharing contracts existing in the Joint Petroleum Development Area with Australia, as well as two Australian retention licences. The completion of the transaction is subject to obtaining all necessary government and regulatory approvals.
Greater Sunrise, comprising the Sunrise and Troubadour fields, is located in the Timor Sea 150 kilometres from Timor-Leste and 450 kilometres from Darwin. The fields have estimated contingent resources of 5.13 trillion cubic feet of gas and 225.9 million barrels of hydrocarbon condensate. Their development has been caught in an impasse, with Timor-Leste advocating a pipeline to the south of the country and Woodside preferring a connection to the existing facility in Darwin.
A conceptual study carried out by the British company Wood confirmed the viability of development in Timor-Leste, which would allow lower operating costs and greater returns for the country. According to the maritime boundary treaty with Australia, Timor-Leste will receive 70% of revenues if the pipeline goes to the country or 80% if processing takes place in Darwin.
