East Timor president says massive Greater Sunrise gas project is close to a deal

Nikkei Asia reported that East Timor President José Ramos-Horta said in an interview at the presidential palace in Dili that "agreement had been reached on the main lines of the project and the final text is expected to be signed in the coming months". The Greater Sunrise field lies in the southern Timor Sea and holds 5.1 trillion cubic feet of proven gas reserves. Nikkei Asia recalled that Woodside Energy CEO Meg O'Neill said at an investor presentation in March that "the technical committee is in its final stage".

Nikkei Asia said the project plans for an LNG terminal in Suai, East Timor, and a petrochemical complex parallel to the existing facility in Darwin, Australia. Ramos-Horta confirmed that roughly 70 per cent of the revenue would go to East Timor and 30 per cent to Australia. China National Petroleum and Japan's Inpex are also said to be under consideration as technical partners.

The project is seen as critical for the ASEAN+3 energy security framework. The Australian dollar firmed 0.2 per cent against the US dollar after Foreign Affairs Minister Penny Wong said the talks were making "positive progress". Woodside shares closed 1.8 per cent higher on the Sydney exchange. Not investment advice.