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ConocoPhillips

ConocoPhillips agreed to sell its 30% interest in the Greater Sunrise Fields to the government of Timor-Leste for $360 million. The transaction is expected to close in the first quarter of 2019. The sale gives the government interest in the Woodside-operated Greater Sunrise liquefied natural gas (LNG) project that stalled because of the maritime border dispute between Timor-Leste and Australia. The project received a major boost in March this year when the two governments signed a treaty establishing permanent maritime boundaries as well as a framework to jointly develop the Greater Sunrise gas fields. The fields were discovered in 1974 and hold gross contingent resources of 5.13 Tcf of gas and 225.9 million bbl of condensate, according to Woodside. Partners in the Sunrise LNG project will include the operator Woodside (33.44%), the Timor-Leste government (30%), Shell (26.56%), and Osaka Gas (10%).


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