Woodside exits delayed Timor-Leste gas project

Australian energy major Woodside has agreed to sell its entire 33.44% stake in the long-delayed Greater Sunrise gas development to Timor-Leste’s state-owned energy company TIMOR GAP for up to $200m.

The agreement could bring one of the region’s largest undeveloped offshore gas resources under full Timorese ownership, following a separate agreement for TIMOR GAP to buy the remaining 66.56% stake from ConocoPhillips.

The sale may have implications for seafarers employed in the region, as the project's future and associated maritime activities could be affected.