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On October 27th, 2026, TIMOR GAP, Timor Gás & Petróleo, EP, signed a Purchase and Sale Agreement with Woodside Energy Ltd. to acquire the Australian company’s entire stake in the Greater Sunrise fields in the Timor Sea. After the transaction closes and the necessary approvals are received, the national oil company will hold a 100 per cent stake in the project.
The agreement covers Woodside’s interest in the NT/RL2 and NT/RL4 retention licences and in the JPDA 03-19 and JPDA 03-20 Production Sharing Agreements. Completion of the transaction is subject to the required government and regulatory approvals and to the conditions precedent set out in the agreement.
The transaction provides Woodside’s stake in Greater Sunrise for total consideration of US$200 million, with payments linked to different stages of the project. The first payment, amounting to US$13.71 million, will be made upon completion of the transaction. A second payment of US$11.29 million will be due within 30 days of the Final Investment Decision. The remaining US$175 million will be paid within 365 days of the start of loading of the first shipment of liquefied natural gas intended for sale to a customer.
The agreement now reached follows the September announcement of a binding agreement between TIMOR GAP and Osaka Gas Australia Pty Ltd. for the acquisition of the latter’s 10 per cent stake in Greater Sunrise. Prior to these transactions, the project’s ownership structure was TIMOR GAP (56.56 per cent), Woodside Energy (33.44 per cent), and Osaka Gas Australia (10 per cent).
The consolidation of its stake in Greater Sunrise strengthens TIMOR GAP’s position in developing the Sunrise and Troubadour fields and in continuing work on the Timor LNG project, which involves transporting gas for processing on the southern coast of Timor-Leste.
The Chairman and Chief Executive of TIMOR GAP, Rui Soares, said, “We are now in a stronger position than ever to accelerate the development of Greater Sunrise and move forward with the selection of the Timor LNG development concept, bringing us closer to realising our country’s long-standing aspiration to develop Greater Sunrise off the southern coast of Timor-Leste.”
Rui Soares also emphasised that “the Greater Sunrise project represents much more than the development of natural gas resources”, as it offers an opportunity to promote industrial and energy development on the south coast, skills training, job creation, and the development of local businesses and economic activity.
The operation is taking place at a time when the technical, legal, and regulatory work required for the development of Greater Sunrise is progressing. In September, Timor-Leste and Australia reached a technical agreement on three key instruments of the project’s future regulatory framework: the Petroleum Mining Code, the Production Sharing Agreement, and the Fiscal Regime, which are now undergoing their respective approval processes.
At the same time, the Government has continued technical work on the development option in Timor-Leste. In September, the Ministry of Petroleum and Mineral Resources signed contracts for geotechnical investigations and other surveys along the planned routes of the Greater Sunrise and Bayu-Undan gas pipelines to Natarbora, to support the finalisation of the routes and future infrastructure development.
The Sunrise and Troubadour fields, collectively known as Greater Sunrise, lie approximately 150 kilometres south-east of Timor-Leste and 450 kilometres north-west of Darwin in Australia’s Northern Territory.
The completion of the acquisition of Woodside’s stake remains subject to the necessary government and regulatory approvals and to the other conditions set out in the Sale and Purchase Agreement.
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