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Timor-Leste government to acquire Greater Sunrise stake
ConocoPhillips is to sell to the government of Timor-Leste its 30% interest in the Greater Sunrise field for $350mn.
‘We are pleased to reach an agreement mutually beneficial to the government of Timor-Leste and ConocoPhillips,’ said Matt Fox, Executive Vice President, Strategy, Exploration and Technology. ‘ConocoPhillips has a long history in Timor-Leste through our operated interest in the Bayu-Undan field. Although we differ with the government on its proposed development plan for Sunrise, we recognise the importance of the field to the nation of Timor-Leste, and the sale of our interest to the government gives them a working interest in this important development.’
It is understood that the Timor-Leste government is planning to develop Sunrise through an onshore LNG development that would require construction of a new liquefaction plant and associated infrastructure, an FPSO to process and handle the condensate, and construction of a pipeline connecting the FPSO to shore
News Item details
Journal title: Petroleum Review
Keywords: Energy
Countries: Australia - East Timor -
Subjects: Policy and Governance, Exploration and production
