CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks. Trading CFDs is high risk and is not suitable for everyone. Refer to our PDS and Target Market Determination. AFSL 513393
Open platformOpen platform

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


Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.