Woodside Energy agrees to sell its 33.44% stake in Greater Sunrise JV to TIMOR GAP for up to $200 million
Woodside Energy will transfer its 33.44% participating interest in the Sunrise Joint Venture, which holds the Greater Sunrise fields, to Timor‑Leste’s state oil company TIMOR GAP. The transaction is valued at up to $200 million, with $13.71 million payable at closing, $11.29 million contingent on a final investment decision, and $175 million due within a year of the first LNG cargo. Completion is targeted for the first half of 2027, subject to regulatory and JV approvals. Woodside CEO Liz Westcott said the sale simplifies the portfolio and lets the company focus on higher‑shareholder‑value opportunities.
Why it matters
The company expects the divestment to streamline its asset base and free capital and management attention for other projects, according to the CEO’s statement. The transaction also removes Woodside’s exposure to the Sunrise project, which may affect its future production profile and cash flow.
Key facts
- 1Woodside is selling its 33.44% participating interest in the Sunrise JV to TIMOR GAP. finance.yahoo.com
- 2The deal value is up to $200 million. finance.yahoo.com
- 3$13.71 million is payable at completion. finance.yahoo.com
- 4$11.29 million is payable if a final investment decision is made for LNG development. finance.yahoo.com
- 5$175 million becomes payable within 365 days of the first LNG cargo loading. finance.yahoo.com
- 6Completion is expected in the first half of 2027, subject to approvals. finance.yahoo.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.