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JV Partners agree to undertake an economic study for the Greater Sunrise project

JV Partners agree to undertake an economic study for the Greater Sunrise project

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DILI, 12 april 2023 (TATOLI) – The Minister of Petroleum and Minerals, Victor da Conceição Soares held a meeting with Australia’s Special Representative for the Greater Sunrise project, Steve Bracks, to discuss the agreement by the Sunrise Joint Venture Partners to conduct an independent economic study for the development of the Sunrise project.

During the meeting, Bracks and Soares shared the next steps to be taken for the acceleration of the Sunrise project development, which includes the economic study. 

The economic study will focus on incorporating and updating previous work using new oil and gas production technologies and calculating the cost of the project. The study will also evaluate the socio-economic and environmental implications of the project. 

Bracks said the agreement on conducting the study was one of the remarkable progress made so far after his first meeting with Minister Soares, last year. 

“We had some excellent discussions on the Joint Venture Partners for Greater Sunrise. Osaka Gas, Woodside Petroleum, and TIMOR GAP agreed to undertake an independent economic study to go forward which will tell us the best way forward in the future,” Bracks told reporters after the meeting, in Dili, on wednesday. 

He said the study will help ensure that there will be the best possible information gathered for the next decision to be taken in the second half of this year.

Despite the new study to be conducted by Joint Venture Partners, Minister Soares reiterated Timor-Leste’s position, preferring oil and gas in the Sunrise field to be piped to Timor-Leste: ” We continue to defend our interest that oil and gas from the Sunrise field have to be processed in Timor-Leste.”

“Australia wants to support Timor-Leste in accelerating the development of the Sunrise Project. It includes the negotiations of the Fiscal Regime, the Production Sharing Contract (PSC), and the Petroleum Mining Code (PMC), which can be completed in the second half of 2023,” Soares said. “We expect that by the end of this year, we will conclude all the negotiation process and begin the development phase.”

During his second visit to Dili, Bracks also met with the Prime Minister, Taur Matan Ruak, Timor Gap, and the National Petroleum and Minerals Authority (ANPM) to discuss the development of the Sunrise project.

In his first meeting with Minister Soares, last year, Bracks said that the development of the Great Sunrise project in onshore Timor-Leste depended on the decision of the Sunrise Joint Venture (Woodside, Osaka Gas, and Timor Gap): “Where the gas is processed really matters for the joint venture to determine and Australia does not have a position on this at all. That’s a matter that will be determined by the joint venture.”

In august 2022, Minister Soares told the Australian Financial Review in an exclusive interview that Woodside and the Australian Government should be “fair” by allowing the processing of Sunrise’s liquefied natural gas to be undertaken on the south coast of Timor-Leste, rather than Woodside’s preferred option of Darwin.

The Sunrise project is operated by Joint Venture between TIMOR GAP (56.56%), Woodside Petroleum (33.44%), and Osaka Gas (10%).

The Sunrise field is estimated to contain 5.13 trillion cubic feet of recoverable natural gas and 226 million barrels of condensate (oil), which could give Timor-Leste US$50 billion in revenues.

 

 

Journalist: Filomeno Martins 

Editor: Nelia Borges

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