The Timor-Leste government has agreed to acquire from ConocoPhillips the company’s 30% interest in the Greater Sunrise fields on the maritime border between Australia and East Timor for $350 million (OGJ Online, Feb. 27, 2018).
“ConocoPhillips has a long history in Timor-Leste through our operated interest in the Bayu-Undan field. Although we differ with the government on its proposed development plan for Sunrise, we recognize the importance of the field to the nation of Timor-Leste, and the sale of our interest to the government gives them a working interest in this important development,” said Matt Fox, ConocoPhillips executive vice-president, strategy, exploration, and technology.
The transaction, expected to close in first-quarter 2019, is subject to certain conditions, including funding approval from the Timor-Leste government, regulatory approvals, and partner preemption rights.