Woodside to sell Greater Sunrise stake to TIMOR GAP for up to $200M
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(WO) – Woodside has agreed to sell its 33.44% unitized participating interest in the Sunrise Joint Venture to Timor-Leste’s state-owned oil company, TIMOR GAP, for up to $200 million, marking its exit from the long-delayed Greater Sunrise gas fields in the Timor Sea. The majority of the sale price depends on the project successfully delivering its first LNG.
The agreement includes the titles containing the Greater Sunrise fields: production sharing contracts JPDA 03-19 and JPDA 03-20, as well as retention leases NT/RL2 and NT/RL4. With an effective date of Nov. 1, 2026, Woodside expects the transaction to close in the first half of 2027, pending required regulatory, government, and joint venture consents.
The financial terms are tied to project milestones. Upon completion, TIMOR GAP will pay $13.71 million, subject to standard adjustments for working capital and cash calls from the effective date. A further $11.29 million will be paid following a positive final investment decision for an LNG development in the Greater Sunrise Special Regime Area. The remaining $175 million is contingent on the loading of the project’s first LNG cargo, payable within 365 days of that event. Consequently, Woodside receives only $25 million upfront and post-FID unless the development is fully constructed and operational.
TIMOR GAP currently owns a 56.56% stake in the venture and previously announced an agreement on Sept. 2 to acquire Osaka Gas’s 10% share, pending conditions. Should both acquisitions complete, the Timor-Leste national oil company will hold 100% ownership of the fields. This total control grants Timor-Leste full authority over the development strategy, including the destination for processing the gas—an issue that has been subject to long-standing debate.
Woodside CEO Liz Westcott stated that the divestment aligns with the firm’s focus on capital discipline and portfolio management, allowing leadership to direct resources toward high-return opportunities. She described Sunrise as a premium resource capable of generating lasting energy security and economic value for Timor-Leste and the broader region.
Westcott highlighted that Woodside collaborated with Osaka Gas, TIMOR GAP, and the governments of Australia and Timor-Leste to establish an updated legal, regulatory, and fiscal framework. Following an August agreement on the core terms and fiscal structure of a new Greater Sunrise production sharing contract, she noted that the timing was right to transfer ownership. Woodside has pledged to assist with a smooth transition.
