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Australia's Woodside to divest Sunrise stake for up to $200 million

By Reuters News

Oct 27 (Reuters) - Australia's Woodside Energy WDS.AX said on Tuesday it will sell its participating interest in the long-delayed Sunrise gas project in the Timor Sea for up to $200 million.


  • Woodside said it had entered an agreement with East Timor's national oil company, Timor Gap, to sell its interest, including the titles containing the Greater Sunrise fields

  • In September, East Timor's petroleum minister said the earliest possible start of production from the Greater Sunrise gas project had been pushed back by two years to 2034. Production from the multi-billion-dollar gas field is expected to begin in 2034 or 2035

  • Following completion of the transaction, Woodside will have fully exited the Sunrise joint venture and will no longer hold a participating interest in the project

  • The transaction remains subject to conditions, including government, regulatory and joint venture approvals, with completion targeted for the first half of 2027, Woodside added

  • "While Sunrise remains a high-quality resource, the transaction further simplifies Woodside's portfolio and allows capital and management attention to be focused on opportunities that present the greatest shareholder value," Woodside CEO Liz Westcott said on Tuesday

  • Timor Gap currently holds a 56.56% interest in the project, according to Woodside's statement. In early September, it entered an agreement to acquire Japan's Osaka Gas' 10% interest in the project


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