Australia’s energy giant Woodside is exiting the Greater Sunrise gas project after years of navigating complex cross-border frameworks between Australia and Timor-Leste. This move enables Timor Gap to take full control of the Australian firm’s share through a deal worth up to $200 million and steer the long-awaited development toward its next chapter to fortify energy security for Timor-Leste and the region.
Woodside has agreed with Timor Gap to sell its participating interest in the Sunrise joint venture (JV), including the titles containing the Greater Sunrise fields, for total consideration of up to $200 million.
The completion of the transaction is subject to satisfaction of conditions precedent, encompassing relevant government, regulatory and joint venture approvals, with completion targeted to occur in H1 2027.
Liz Westcott, Woodside’s Chief Executive Officer, commented: “Greater Sunrise has been an important part of Woodside’s portfolio for many years, and we recognize the project has the potential to deliver long-term economic and energy security benefits for Timor-Leste and the region.
“While Sunrise remains 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.
“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.”
Westcott reminded that alignment on the key principles underpinning a new Greater Sunrise production sharing contract (PSC) and associated fiscal framework was reached in August.
Woodside’s CEO added: “We are 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.”
Following completion of the transaction, the Australian firm will no longer hold a participating interest in the Sunrise joint venture. Timor Gap currently holds a 56.56% interest in the project.
The firm also announced in September 2026 that it had entered into an agreement with Osaka Gas to acquire its 10% interest in the same joint venture subject to satisfaction of relevant conditions precedent.