Exploration & Production

Conoco agrees to sell Greater Sunrise stake to East Timor

East Timor will buy Conoco's 30% stake in the Greater Sunrise gas field, which could kick-start the country's LNG plans East Timor will buy Conoco's 30% stake in the Greater Sunrise gas field, which could kick-start the country's LNG plans.
By Damon Evans 1 October 2018 0 32730
A ConocoPhilips platform off East Timor ConocoPhillips’ Bayu-Undan platform in the Timor Sea. (ConocoPhillips)

ConocoPhillips has agreed to sell its 30% stake in the Greater Sunrise gas fields to East Timor for $350 million, which could prompt more upstream deal activity in the stranded resource. 

The preliminary agreement, which was struck on 28 September, will need to be approved by the other partners in the Woodside Petroleum-led Greater Sunrise joint venture, who have pre-emptive rights over any equity sale. However, it is unlikely that the partners – which include Shell and Osaka Gas – will be keen to raise their...