Woodside Passes the Baton for Offshore Gas Project to Timor Gap in $200 Million Deal

October 27, 2026 · 7 hours ago

Timor Gap is taking over the reins for a gas project in the Timor Sea from Woodside with completion of the takeover anticipated in H1 2027.

Australia’s energy giant Woodside is exiting the Greater Sunrise gas project after years of navigating complex cross-border frameworks between Australia and Timor-Leste. This move enables Timor Gap to take full control of the Australian firm’s share through a deal worth up to $200 million and steer the long-awaited development toward its next chapter to fortify energy security for Timor-Leste and the region.

Woodside has agreed with Timor Gap to sell its participating interest in the Sunrise joint venture (JV), including the titles containing the Greater Sunrise fields, for total consideration of up to $200 million.

The completion of the transaction is subject to satisfaction of conditions precedent, encompassing relevant government, regulatory and joint venture approvals, with completion targeted to occur in H1 2027.

Liz Westcott, Woodside’s Chief Executive Officer, commented: “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.

“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.

“Woodside has worked closely with the governments of Timor-Leste and Australia, TIMOR GAP and Osaka Gas to advance Greater Sunrise, including the proposed new fiscal, regulatory and legal framework required to support its future development.”