Australian oil company Woodside agrees to sell stake in Greater Sunrise to Timor GAP

Australian oil company Woodside has agreed to sell its stake in the Greater Sunrise gas field to Timor GAP for $200 million. The transaction is subject to government and regulatory approvals and is expected to close in the first half of 2027. Timor GAP will pay $13.71 million upon completion, with additional payments tied to investment decisions and gas production milestones. The Greater Sunrise field, located in the Timor Sea, is a significant natural resource reserve, and the agreement aims to enhance economic benefits for Timor-Leste. Woodside will exit the joint venture entirely after the sale, leaving Timor GAP with a 66.56% stake.