Timor Gás & Petróleo EP (Timor GAP) reached a binding agreement with Osaka Gas Australia Pty Ltd. to acquire Osaka Gas Australia’s 10% participating interest in the Greater Sunrise project 140 km south of Timor-Leste and 450 km north-west of Darwin in the Northern Territory of Australia.

The acquisition encompasses Osaka Gas Australia’s interests in the two existing Joint Petroleum Development Area Production Sharing Contracts (PSC 03-19 and PSC 03-20) and the two existing Australian retention leases (NT/RL2 and NT/RL4), pending the finalization of the new single Production Sharing Contract under the Maritime Boundaries Treaty between Timor-Leste and Australia.

Greater Sunrise is comprised of Sunrise and Troubadour gas and condensate fields. Discovered in 1974, the Greater Sunrise complex holds estimated contingent resources of 5.13 tcf of gas and 226 million bbl of condensate. The project is expected to start producing natural gas by 2028-2030.

Timor GAP chief executive officer Rui Soares said the acquisition marks a milestone for both the company and Timor-Leste, increasing the country's participation in the Greater Sunrise project and positioning the partners to "fast-track pending work with a view to the selection of the Timor LNG development concept in the near future."

Soares said the transaction is also expected to improve alignment among Sunrise Joint Venture partners and support more effective collaboration toward a final investment decision.

After acquisition, Timor GAP will hold 66.5% interest in Greater Sunrise with Woodside holding the remaining 33.44%.