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...
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