Key facts
- Woodside will sell its stake in the Greater Sunrise gas project to Timor-Leste's state-owned oil and gas company.
- The deal is valued at $285 million.
- The Greater Sunrise project has been stalled for over 25 years due to disagreements on development plans and revenue sharing.
Australian energy company Woodside announced on Tuesday it will divest its stake in the Greater Sunrise gas project in Timor-Leste, selling it to the Timor-Leste government for $285 million. The decision to exit the Sunrise project comes after a more-than 25-year involvement with the resource, which has been plagued by long-lasting disagreements around the development plan as well as lengthy talks between Australia and Timor-Leste on a revenue sharing agreement. The sale could open the door to Chinese bids for the project.