On 28 September 2018 the Government of Timor-Leste signed a US$350 million deal to buy ConocoPhillips’ 30 percent interest in the Greater Sunrise Fields.

A key motivator for the deal is the government’s interest to develop Greater Sunrise through a pipeline to Beaco on the South Coast of Timor-Leste.

Speaking to the Independente on Thursday, Berta Antonieta, a researcher at Lao Hamutuk, said she cautioned the timing of the buy, given the Greater Sunrise’ four shareholders had not approved a pipeline to Timor-Leste.

The current Sunrise joint venture partners are Woodside (operator) with a 33.4% interest, ConocoPhillips (30%), Shell (26.6%) and Osaka Gas (10%).

In a statement released after the deal, Timor-Leste’s Special Representative, Xanana Gusmão, said: “ConocoPhillips and the other Joint Venture partners have always known Timor-Leste’s preference for the development of Greater Sunrise through a pipeline to Beaço on the South Coast of Timor-Leste. Timor-Leste looks forward to working with the other joint venture members to successfully develop the project.”

The statement said the deal had been made with the advise of financial consultants PricewaterhouseCoopers (PwC) and Miranda & Associados.

The Government’s purchase of ConocoPhillips’ interest remains conditional on receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights.

The gas and condensate fields, collectively known as the Greater Sunrise fields, are located approximately 150 kilometres south east of Timor-Leste.