The Ministry of Petroleum and Mineral Resources of Timor-Leste (MPRM) and Woodside Energy have announced the signing of a Cooperation Agreement to carry out studies and activities to mature a Timor-based LNG concept (TLNG).
The Agreement marks a significant milestone in the longstanding efforts by Timor-Leste and Woodside to unlock the value of the Greater Sunrise gas fields and reflects a renewed spirit of good-faith collaboration and commitment among the parties.
Under the Agreement, MPRM and Woodside will carry out commercial and technical maturation activities for a greenfield Timor-based approximately 5 million tonne per annum LNG concept with a domestic gas facility and a helium extraction plant. These activities will run in parallel to the ongoing negotiation of the fiscal, regulatory and legal frameworks to support the upstream development of the Greater Sunrise fields between the Sunrise Joint Venture, Timor-Leste and Australian governments.
The Agreement includes a high-level plan outlining key activities required to mature and progress this opportunity, under which first LNG may be produced as early as 2032-2035, subject to concept selection and investment decisions.
Timor-Leste Minister of Petroleum and Mineral Resources, His Excellency Francisco da Costa Monteiro, said the Agreement sent a clear message that the Government of Timor-Leste and Woodside are united in their ambition to bring Greater Sunrise into production in a way that benefits all stakeholders.
'The TLNG project presents the best economic, social, and strategic benefits for the people of Timor-Leste, and we are committed to working constructively with Woodside, the Greater Sunrise joint venture and other parties to take the project forward and to make our vision for Greater Sunrise a reality.'
Woodside CEO Meg O’Neill welcomed the Agreement, stating it reflected the next step in the relationship and shared commitment to the development of the Greater Sunrise fields.
'This work is an extension of last year’s concept study and will address the remaining considerations required to reach concept selection, such as agreeing the most appropriate downstream commercial structure to attract financing and understanding the preferred route of the gas export pipeline.'
Source: Woodside Energy
