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