Woodside Energy Group Ltd. has officially exited the Greater Sunrise liquefied natural gas (LNG) project in Timor-Leste. The Australian energy company sold its 33.44% stake in the long-delayed venture to a state-owned entity in Timor-Leste. The deal, announced Tuesday, is valued at up to $200 million, though the bulk of that amount hinges on the project's eventual development.
The Greater Sunrise project involves two offshore gas fields and plans for an LNG processing plant. Timor-Leste has long advocated for the project's advancement, viewing it as a potential source of significant revenue. The nation's government has pushed for the project's completion to unlock what could be billions in economic benefits.
Woodside's decision to sell its stake marks the end of its involvement in a project that has faced numerous delays and challenges. The sale reflects a strategic shift for the company, which may now focus on other opportunities in its portfolio.