PERTH: Woodside Energy Group said Tuesday it has agreed to sell its participating interest in the Sunrise Joint Venture, including the titles containing the Greater Sunrise fields, to TIMOR GAP for total consideration of up to $200 million.

The transaction is subject to conditions including government, regulatory and joint venture approvals. Completion is targeted for the first half of 2027, a statement said.

Woodside CEO Liz Westcott said the sale reflects the company’s disciplined approach to portfolio management and capital allocation.

“Greater Sunrise has been an important part of Woodside’s portfolio for many years, and we recognize the project has the potential to deliver long-term economic and energy security benefits for Timor-Leste and the region,” Westcott said.

“While Sunrise remains a high-quality resource, the transaction further simplifies Woodside’s portfolio and allows capital and management attention to be focused on opportunities that present the greatest shareholder value.”

Westcott said Woodside has worked closely with the governments of Timor-Leste and Australia, TIMOR GAP and Osaka Gas to advance the project, including a proposed new fiscal, regulatory and legal framework needed to support its future development. She said agreement in August on key principles for a new Greater Sunrise Production Sharing Contract provided an appropriate point to sell.

Following completion, Woodside will no longer hold a participating interest in the joint venture. TIMOR GAP currently holds 56.56% and announced Sept. 2 that it had agreed to acquire Osaka Gas’ 10% interest, subject to conditions.