Díli, Sept. 2, 2026 (Lusa) - Timor Gap has reached a binding agreement with Oscaka Gas Australia to acquire the latter's 10% stake in the Greater Sunrise project, the Timorese state-owned oil company announced on Wednesday; it will now hold 66.56% of the consortium.
«This acquisition represents a significant milestone for Timor Gap and for Timor-Leste. By consolidating the stakes in the Greater Sunrise project and increasing Timor-Leste's overall stake, we hope to finalise the outstanding work with a view to selecting, in the near future, the development option for the Timor LNG project,» said the company's chief executive, Rui Soares, as quoted in the statement.
The acquisition includes Osaka Gas Australia's interests in the two production-sharing agreements currently in place in the Joint Petroleum Development Area (with Australia), as well as the two existing Australian retention licences, subject to the finalisation of the new single production-sharing agreement provided for under the Maritime Boundary Treaty between Timor and Australia.
«We also hope that this acquisition will contribute to greater alignment within the Sunrise joint venture, enabling the partners to work more effectively together towards a final investment decision that unlocks the value of the Greater Sunrise resources,» added Soares.
Located in the Timor Sea, 150 kilometres from Timor-Leste and 450 kilometres from Darwin, the Greater Sunrise field – comprising the Sunrise and Troubadour fields – is one of the largest reserves of natural resources yet to be explored in the region and represents significant economic potential for the people of Timor-Leste.
Its development has been mired in deadlock, with Dili advocating the construction of a gas pipeline to the south of the country and Woodside, the consortium's second-largest partner, favouring a connection to the existing facility in Darwin.
The consortium comprised the Timorese company Timor Gap (56.56% stake), the operator Woodside Energy (33.44%) and Oscaka Gás (10.00%).
Following the acquisition, Timor Gap now holds a 66.56% stake in the consortium.
The Greater Sunrise fields have contingent resources estimated at 5.13 trillion cubic feet of gas and 225.9 million barrels of hydrocarbon condensate.
The deadlock led the joint venture to commission a conceptual study carried out by the British firm Wood Group, which confirmed the feasibility of developing Greater Sunrise in Timor-Leste.
«The Timor-Leste Liquefied Natural Gas (TLNG) option stands out for its lower operational costs and, by enabling better overall direct and indirect returns for Timor-Leste, will have a major socio-economic impact on the country,» states the Timorese Government.
The permanent maritime boundary agreement between Timor-Leste and Australia stipulates that Greater Sunrise, a shared resource, must be divided, with 70% of the revenues going to Timor-Leste in the event of a gas pipeline to the country, or 80% if processing takes place in Darwin.
The completion of the transaction announced today «is subject to obtaining all necessary government and regulatory approvals, as well as the fulfilment of the usual conditions precedent», adds the statement published on Timor Gap's official website.
MSE/AYLS // AYLS
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