TIMOR GAP agrees to acquire Woodside’s Greater Sunrise interest
Woodside’s 33.44% stake is priced at up to US$200 million. Together with a separate Osaka Gas deal, the purchase would give TIMOR GAP full ownership.
Timor-Leste’s TIMOR GAP entered into a purchase agreement with Woodside Energy on 27 October 2026 for its Greater Sunrise gas interests in the Timor Sea. Woodside said the sale of its 33.44% holding carries a price of up to US$200 million, with payments linked to completion and development milestones.
The companies aim to complete the transaction in H1 2027, provided conditions are met. These include approvals from the relevant governments, regulators and joint venture partners.
Under the payment schedule, US$13.71 million is due when the transaction closes. A further US$11.29 million would fall due within 30 days after a final investment decision. The remaining US$175 million is payable within 365 days after loading starts for the first liquefied natural gas cargo ultimately destined for sale to a customer.
Osaka Gas agreed in September to sell its 10% interest to TIMOR GAP. Completion of that purchase alongside the Woodside transaction would leave TIMOR GAP owning all participating interests in Greater Sunrise.
Rui Soares, TIMOR GAP’s president and chief executive, said the acquisition would put Timor-Leste in a stronger position to accelerate development and pursue the Timor LNG concept for its southern coast. Woodside chief executive Liz Westcott said the disposal would streamline the company’s portfolio, freeing capital and management attention for other opportunities.
