The acquisition helps Timor-Leste position itself to push for the development of Greater Sunrise, discovered in 1974 but long delayed as it straddles the maritime border between Timor-Leste and Australia which was only agreed earlier last year following a protracted dispute between the two countries.

Xanana Gusmao, Timor-Leste's Special Representative on Petroleum Matters, said the purchase “will allow discussions to progress” between the Sunrise Joint Venture and the Australian and Timor-Leste authorities on the new Greater Sunrise Production Sharing Contract and construction of a planned liquefied natural gas plant at Beaço.

 “The Government of Timor-Leste will continue to work towards a fast development of Greater Sunrise for the benefit of all stakeholders," Gusmao said in a statement.

 Prime Minister Taur Matan Ruak said he is “looking forward to further discussions with the other Greater Sunrise Joint Venture members on the swift development of the Greater Sunrise resources.”

Once the new Maritime Boundary Treaty between Timor-Leste and Australia comes into force the Greater Sunrise Fields will be included in the Greater Sunrise Special Regime Area and subject to joint exercise of jurisdiction under the new Treaty.

The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise fields, are located approximately 150 kilometres south east of Timor-Leste and 450 kilometres north west of Darwin in Australia's Northern Territory.