Shell sells Greater Sunrise interest to Timor-Leste

Shell sells Greater Sunrise interest to Timor-Leste

Shell Australia and the Government of Timor-Leste have entered into a sales and purchase agreement (SPA) for the sale of Shell’s 26.56 percent interest in the Greater Sunrise fields.

EVP for Shell Australia, Zoe Yujnovich said the transaction, valued at $300 million, will allow the Timor-Leste government and joint venture partners to pursue their aspirations for the Greater Sunrise development.

“We respect the Timor-Leste Government’s determination to develop the Sunrise fields through an onshore LNG facility on its south coast. Although we formed different views about the optimal development scenario, we understand the priorities of the Timor-Leste government and wish it well in pursuing its aspirations to develop this important resource for the nation,” Yujnocivh said.

She added that despite the sale Shell’s Australian portfolio remains strong as operator of both the QGC onshore natural gas project, Prelude FLNG and significant positions in the Gorgon and North West Shelf LNG projects.

The Timor-Leste Government’s purchase of Shell’s interest is 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 sale transaction comprises Shell’s permits NT/RL2 and NT/RL4 within Australia waters and PSC 03-19 and PSC 03-20 within Timor-Leste waters and associated governance agreements.

The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise fields, are located approximately 150 kilometers southeast of Timor-Leste and 450 kilometers northwest of Darwin in the Northern Territory.

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