Woodside Completes Review of Sunrise

The Sunrise Joint Venture Participants, Woodside, ConocoPhillips, Shell and Osaka Gas, announced their agreement on the key findings of the review of development options for Greater Sunrise.

Through the review process the Joint Venture has undertaken a thorough analysis of a proposal based on piping gas 500km to shore for sale in Darwin and elsewhere in Australia and an alternative proposal by Shell, to supply LNG to North America from a floating LNG facility.

The review has found neither proposal to be viable. Both the domestic gas customers and Shell have been advised accordingly.

As a result of the review, the Joint Venture has acknowledged the level of demand and interest within the domestic gas market. It has also highlighted the potential for a floating facility at Greater Sunrise to become a cost competitive supplier of LNG into regional markets.

The Joint Venture appreciates the contributions and patience of all potential customers that have assisted in its efforts to identify an economic development concept and one that provides the best return to the Timor-Leste and Australian governments.

The Joint Venture will now focus on:

  • Securing ratification of the Timor Sea Treaty and the International Unitisation Agreement for Sunrise,
  • Finalizing Joint Venture commercial agreements, and
  • Securing customers for Sunrise.

Success on these fronts will be required before the project can enter the basis of design phase.

The Sunrise Joint Venture Participants are: Woodside 33.44% (Operator), ConocoPhillips 30%, Shell 26.56% and Osaka Gas 10%.