Woodside sells Sunrise gas project stake to Timor Gap for up to $200M

what happened

Woodside Energy has agreed to sell its 33.44% stake in the Sunrise joint venture to Timor Gap, the state-run oil and gas firm of East Timor, for as much as $200 million, Dow Jones Newswires reported. The deal covers the licenses holding the Greater Sunrise gas and condensate fields, which lie about 280 miles northwest of Darwin. Woodside expects the transaction to close in the first half of 2027.

Gas was found in the area almost half a century ago, yet development has stalled for years, and Shell and ConocoPhillips left the project in 2019. Woodside had backed a floating LNG plant, a technology that has since lost favor across the industry. With Osaka Gas also selling its 10% share, Timor Gap would gain full control and room to bring in new partners.

why it matters

For Woodside, the sale fits a wider push to shed assets under chief executive Liz Westcott, who took over in March. Because the field is still undeveloped, the deal has little immediate effect on the LNG market; it mainly changes who owns the project and opens the door to new partners.

market impact

Woodside (WDS): portfolio clean-up, with no immediate effect on current gas supply

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