Woodside Welcomes Timor Sea Border Announcement

Woodside Petroleum welcomes the announcement in the Commonwealth Parliament by the Australian Minister for Foreign Affairs that officials from Australia and Timor-Leste have concluded their negotiations over the maritime boundary in the Timor Sea.

Woodside acknowledges the negotiating efforts of both governments, although recognizes the agreement still needs to be formally signed by both parties and then ratified. Woodside is also yet to see the agreement.

The future of the Sunrise Gas Project remains dependent on several factors including the fiscal regime under which it would operate, the cost and location of any development and the successful marketing of the resource.