DILI, 09 april 2024 (TATOLI) – Sunrise Joint Venture partners (Timor Gap (56.56%), Woodside Petroleum (33.44%), and Osaka Gas (10%), with the support of the Governments of Australia and Timor-Leste have selected Wood Australia to undertake the new concept select study for the development of the Greater Sunrise fields.
Wood Australia is an international engineering company with a focus on the oil and gas sector. It operates in more than 60 countries.
In november 2023, the Sunrise Joint Venture Partners received approval from Timor-Leste to carry out the work on the new concept study for the development of the Greater Sunrise fields.
Wood Australia kicked off the work on the concept study for the development of the Sunrise fields last week, according to Australia’s Special Representative for the Greater Sunrise project, Steve Bracks.
“We have now selected a contractor to do the concept select study. This year, the study will be finished and then we will be able to work out how we proceed and where we proceed to get the project going,” Bracks made the comments after meeting Prime Minister, Kay Rala Xanana Gusmão, in Dili, on monday.
He said: “We are very optimistic that by the end of the year we will have something significant about the Greater Sunrise.”
Bracks also met with Timor-Leste’s Minister of Petroleum and Mineral Resources, Francisco da Costa Monteiro, to discuss the concept selection study carried out by Wood Australia.
“We are very confident that the contractor that we have picked will come up with a very good study,” said Bracks.
Minister Monteiro is also optimistic that the new concept study will present all the necessary aspects to be considered in the decision to develop the Sunrise fields.
“Not only the two governments (Australia and Timor-Leste) that would oversee the study, but the Joint Venture partners have also formed a team to oversee the study being carried out by Wood Australia,” said Monteiro.
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.
On march 6, 2018, Australia and Timor-Leste signed the Treaty establishing Maritime Boundaries between the two countries in the Timor Sea to resolve a long-running dispute over the maritime border and set a deal on how to share revenue from the offshore Greater Sunrise gas field.
Timor-Leste will receive 80% of the revenue if the gas is developed in Australia, or 70% if the gas is piped to Timor-Leste for processing.
Journalist: Jose Belarmino de Sa
Editor: Filomeno Martins
