Woodside Energy Group Ltd. has divested its stake in the long-delayed Greater Sunrise liquefied natural gas (LNG) project, selling its 33.44% operating interest to a state-owned company 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 construction.
The Greater Sunrise project involves two offshore gas fields and aims to establish an LNG plant, a venture that could generate billions in revenue for the small Southeast Asian nation. Timor-Leste has been a strong advocate for the project's development, viewing it as a critical economic opportunity.
Woodside's decision to sell its stake marks a significant shift in the project's ownership structure. The company's statement did not provide further details on the timeline or specific conditions for the project's advancement, leaving uncertainty about when or if construction will begin.