East Timor, Australia and Greater Sunrise make progress in negotiations « East Timor Government

The Government of Timor-Leste, the Commonwealth of Australia and the Greater Sunrise consortium (consisting of TIMOR GAP, EP with 56.56%, Woodside with 33.44% and Osaka Gas with 10%) highlighted the progress of the negotiations on the oil exploration and mining law, production sharing contracts and taxation system. The meeting was held on July 18, 2024 in Dili City 8.

During the meeting, the National Petroleum Agency (ANP), accompanied by the Department of Finance and the Department of Foreign Affairs and Cooperation, and Australian representatives from the Department of Industry, Science and Resources, the Department of Treasury and the Department of Foreign Affairs and Trade, discussed the progress made.

This round of negotiations follows previous meetings aimed at reaching agreement on key documents that will establish the legal and regulatory framework needed to support the development of natural gas and condensate from the Greater Sunrise field.

Since October 2023, the negotiation process has made significant progress towards meeting the requirements of Annex B of the 2018 Treaty on Maritime Boundaries, with the parties committing to quickly finalize the legal framework that will serve as the basis for the development of the Greater Sunrise field.

The Government of Timor-Leste, the Commonwealth of Australia and the consortium are committed to developing the Great Sunrise project in a mutually beneficial manner and ensuring its commercial viability as soon as possible in accordance with the provisions of the Maritime Boundary Treaty. The negotiation process continues to accelerate, reflecting the collective commitment to achieving the Great Sunrise development plan and supporting the development of Timor-Leste.

During the negotiations, an update was also given on the progress of the concept selection being conducted by Wood PLC on behalf of the Greater Sunrise consortium. All parties are awaiting the results of the study, which is expected to be completed in the last quarter of this year.