Woodside not giving up on Greater Sunrise

Woodside Petroleum has indicated it could be prepared to invest in part of the Greater Sunrise Joint Venture (JV) located in the Timor Sea.

According to The Australian Financial Review, Woodside CEO Peter Coleman raised the possibility of the company investing in the offshore gas production part of Sunrise, but leaving investment in the onshore plant to others.

The Greater Sunrise gas field is located on the disputed border 450 km northwest of Darwin, with an estimated $40 billion of oil and gas deposits.

Last month, ConocoPhillips agreed to sell its stake in the project to the Timor-Leste Government for $484 million.

“If you disaggregate the project – meaning that the ownership of the onshore plant and the pipeline is different from the upstream – then we can see a pathway to investing in the upstream and that’s a model we see in Indonesia and Malaysia that works quite effectively,” Mr Coleman told the publication.

The project has been at an impasse after Timor-Leste reportedly insisted gas from the field be piped to its shores; suggesting that an LNG plant on Timor-Leste would be built should that option be chosen.

The JV partners previously preferred the option to pipe the gas back to the existing Darwin LNG Project or to an FLNG vessel due to a deep ocean trench between the field and Timor-Leste.

In addition to ConocoPhillips’ interest (30 per cent), the JV is made up of Woodside Energy (33.44 per cent and operator), Shell (26.56 per cent) and Osaka Gas (10 per cent).

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