The East Timorese government has signed a US$300 million contract with Shell to buy the company’s stake in the Greater Sunrise oil field consortium, and will now hold a majority of the capital, Shell Australia said.
The purchase agreement was signed by Timor-Leste’s (East Timor’s) special representative Xanana Gusmão and Shell Australia’s Chief Executive Zoe Yujnovich on the Indonesian island of Bali.
The purchase of Shell’s 26.56% stake, which still requires official approval from the Timorese government, parliament and the regulators, is added to the 30% stake acquired from ConocoPhillips, which gives Timor-Leste a majority stake of 56.56% in the consortium.
The Greater Sunrise oil field consortium in the Timor Sea is led by Australia’s Woodside, which owns 33.44% of the capital and includes ConocoPhillips (30%), Shell (26.56%) and Osaka Gas ( 10%).
The Greater Sunrise fields contain estimated reserves of 5.1 billion cubic feet of gas and are located in the Timor Sea, approximately 150 kilometres southeast of East Timor and 450 kilometres northwest of Darwin, Australia. (macauhub)