Acquisition of stake in Greater Sunrise from Woodside is a "historic operation" acknowledges minister

The acquisition of Woodside's stake in the Greater Sunrise gas field is deemed a historic operation by Timor-Leste's Minister of Petroleum and Mineral Resources, Francisco Monteiro. The agreement, signed in Dili, allows Timor GAP to acquire Woodside's share for $200 million, marking a significant return of resources to Timor. Monteiro emphasized the importance of this resource, which has been preserved over the years, and highlighted the economic potential of the Greater Sunrise fields, estimated to contain substantial gas and condensate reserves. Following the transaction, Woodside will exit the joint venture, leaving Timor GAP as the sole owner. The exploration of Greater Sunrise has faced challenges, particularly regarding the pipeline route, with differing views between Timor-Leste and Woodside.