LNG

East Timor seeks to buy out Greater Sunrise partners

The country could use its sovereign wealth fund to buy out Shell or Conoco as it tries to push development of an LNG plant on Timorese shores The country could use its sovereign wealth fund to buy out Shell or Conoco as it tries to push development of an LNG plant on Timorese shores.
By Damon Evans 6 August 2018 0 32019
A mural of the East Timorese flag. A mural showng East Timor’s flag in Dili. (Damon Evans)

East Timor is considering buying out ConocoPhillips’ and Shell’s billion-dollar interests in the Woodside Petroleum-operated Greater Sunrise gas fields, which straddle the maritime border between Australia and East Timor.

In June, East Timor appointed James Rhee, managing director of Timor Leste Cement, to broker a deal with the oil companies regarding the development of the Greater Sunrise fields, which hold an estimated 142 billion cubic metres of gas. 

Rhee has been tasked with mobilising $5 billion worth of funding to develop Greater Sunrise as a greenfield LNG...