Thursday 22 November 2018

Shell Australia and the Government of Timor-Leste have entered into a Sales and Purchase Agreement (SPA) for the sale of Shell’s 26.56 percent interest in the Greater Sunrise fields.

EVP for Shell Australia, Zoe Yujnovich said the transaction, valued at US$300 million, will allow the Timor-Leste Government and joint venture partners to pursue their aspirations for the Greater Sunrise development.

The Timor-Leste Government’s purchase of Shell’s interest is conditional on receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights.

The sale transaction comprises Shell’s permits NT/RL2 and NT/RL4 within Australia waters and PSC 03-19 and PSC 03-20 within Timor-Leste waters and associated governance agreements.

The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise fields, are located approximately 150 kilometres south east of Timor-Leste and 450 kilometres north west of Darwin in the Northern Territory.