Government of Timor-Leste

The Government of Timor-Leste, the Commonwealth of Australia and the Greater Sunrise consortium (made up of TIMOR GAP, E.P. with a 56.56% stake, Woodside with 33.44% and Osaka Gas with 10%), took stock of the progress of negotiations on the Mining Code for Petroleum Exploration, the Production Sharing Contract and the Fiscal Regime. The meeting took place on July 18^th, 2024, at City 8 in Dili. 

During the meeting, the National Petroleum Authority (ANP), accompanied by the Ministry of Finance and the Ministry of Foreign Affairs and Cooperation, together with Australian representatives from the Department of Industry, Science and Resources, the Department of the Treasury and the Department of Foreign Affairs and Trade, discussed the progress made.

This round of negotiations, which gives continuity  to previous meetings, aims to reach agreement on key documents that will establish the legal and regulatory framework needed to support the development of gas and condensate in the Greater Sunrise field.

Since October 2023, the negotiation process has made significant progress in meeting the requirements of Annex B of the 2018 Maritime Boundary Treaty, with all parties committed to quickly concluding the legal framework that will serve as the basis for the development of the Greater Sunrise field.

The Government of Timor-Leste, the Commonwealth of Australia and the consortium companies are committed to developing the Greater Sunrise project in a way that mutually benefits all parties, ensuring its commercial viability as soon as possible, as stipulated in the Maritime Boundary Treaty. The negotiation process continues apace, reflecting the collective commitment to realizing the Greater Sunrise development plan and supporting Timor-Leste's development. 

During the negotiations, progress was also updated on the selection of the concept, which is being carried out by Wood PLC, representing the Greater Sunrise consortium. All parties are awaiting the results of the study, which is expected to be completed in the last quarter of this year.