DÍLI, 27 October 2026 (TATOLI) – TIMOR GAP, Timor Gás & Petróleo, E.P. (“TIMOR GAP”) today has signed a Sale and Purchase Agreement with Woodside Energy Ltd under which TIMOR GAP will acquire Woodside’s entire participating interest in the Greater Sunrise fields in the Timor Sea.
Under the Agreement, TIMOR GAP will acquire all of Woodside’s interests in Retention Lease NT/RL2, Retention Lease NT/RL4, and Production Sharing Contracts JPDA 03-19 and JPDA 03-20. On completion, TIMOR GAP will hold 100% of the participating interests in the Greater Sunrise project.
The transaction values Woodside’s Greater Sunrise interests for a total consideration of US$ 200 million, payable at different stages of the project: Base Consideration of US$ 13.71 million, payable at Completion, FID Contingent Consideration of US$ 11.29 million, payable within thirty (30) days of that FID being made; and, a Production Contingent Consideration of US$ 175 million, payable within three hundred and sixty-five (365) days of commencement of loading of the first cargo of such liquefied natural gas which is ultimately for sale to a customer, in accordance with the terms of the Agreement.
TIMOR GAP President and CEO Rui Soares described the acquisition as a significant milestone for TIMOR GAP and for Timor-Leste.
He said that Timor-Leste is now in a stronger position than ever to expedite the development of Greater Sunrise and advance the selection of the Timor LNG development concept, bringing the country closer to realizing its long-standing aspiration of developing Greater Sunrise on southern coast.
“Greater Sunrise represents far more than the development of natural gas resources. It offers a strategic opportunity to transform Timor-Leste’s southern coast into an industrial and energy hub, building skills, creating jobs for Timorese citizens, developing local businesses and supporting wider economic activity in the south,” Rui said.
He stressed that that securing full ownership of the participating interest in Greater Sunrise is an important achievement, but it also carries significant responsibility.
“Our focus is now on translating this achievement into concrete progress towards the development of the project,” Rui said.
At a conference in Dili on Tuesday, Woodside Energy announced that it would sell its participating interest in the Sunrise Joint Venture, including the titles covering the Greater Sunrise fields, to TIMOR GAP for up to US$200 million.
The move follows a similar agreement in September, when Japan’s Osaka Gas agreed to sell its 10% stake in the joint venture to TIMOR GAP.
Once both transactions are finalised, TIMOR GAP would take full control of the asset by securing Woodside Energy’s 33.44% stake and Osaka Gas’s 10% interest.
Completion of the transaction is subject to satisfaction of conditions precedent, including relevant government, regulatory and joint venture approvals, with completion targeted to occur in H1 2027.
Chief Executive Officer Liz Westcott said the transaction reflects Woodside’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.
Westcott said that Sunrise remained a high-quality resource, the transaction further simplifies Woodside’s portfolio and allows capital and management attention to be focused on opportunities that present the greatest shareholder value.
She said that Woodside has worked closely with the Governments of Timor-Leste and Australia, TIMOR GAP and Osaka Gas to advance Greater Sunrise, including the proposed new fiscal, regulatory and legal framework required to support its future development.
“Reaching alignment on the key principles underpinning a new Greater Sunrise Production Sharing Contract and associated fiscal framework in August provides an appropriate point for Woodside to sell its participating interest to TIMOR GAP,” she said.
Westcott stressed that Woodside is 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.
The transaction reflects TIMOR GAP’s commitment to the orderly and swift development of the Greater Sunrise fields in the Timor Sea, following the entry into force of the Maritime Boundaries Treaty between Timor-Leste and Australia. It consolidates ownership of Greater Sunrise under TIMOR GAP and positions the company to fast-track development of the field via a pipeline to Natarbora on the south coast of Timor-Leste.
The Sunrise and Troubadour gas and condensate fields — collectively known as the Greater Sunrise fields — are located approximately 150 kilometres south-east of Timor-Leste and 450 kilometres north-west of Darwin, in Australia’s Northern Territory.
TATOLI