Woodside to sell its stake in the delayed Sunrise gas project for up to $200 million

what happened

Australia’s Woodside Energy said on Tuesday it will offload its holding in the long-postponed Sunrise gas venture in the Timor Sea for as much as $200 million, Reuters reported. The buyer is East Timor’s state oil company, Timor Gap, which already holds 56.56% of the project according to Woodside’s statement.

Once the deal closes, Woodside will have left the joint venture entirely and will no longer have any stake in the field. The sale still needs government, regulator and partner sign-off, and the companies are aiming to finish it in the first half of 2027. Woodside CEO Liz Westcott said the move simplifies the company’s portfolio and lets management focus on projects offering the greatest value to shareholders.

why it matters

The Sunrise field is worth several billion dollars, yet its timeline has slipped repeatedly, and East Timor’s petroleum minister said in September that first output could come two years later, in 2034. For Woodside, the exit removes a long-dated, capital-intensive asset, so the impact is mainly for the company’s investors and the wider Asia-Pacific gas outlook.

market impact

Woodside and Australian gas stocks: exiting a delayed project reduces the company’s long-term capital commitments

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