Woodside Energy sells Greater Sunrise stake for US$200M
Key points
- Woodside Energy agreed to sell its 33.44% stake in the Greater Sunrise gas project to Timor-Leste's state company, Timor Gap, for US$200 million.
- Woodside shares fell 0.3% to $33.18 following the announcement of its exit from the 25-year-old venture.
- The transaction simplifies Woodside's asset portfolio to focus management attention and capital on higher-priority growth projects.
Woodside Energy (ASX:WDS) has agreed to sell its 33.44% stake in the Greater Sunrise gas resource to the Timor-Leste government company Timor Gap for US$200 million, ending its 25-year involvement with the asset.
The exit follows decades of disagreements over development plans and revenue-sharing terms for the 5.1 trillion cubic feet offshore gas resource.
"While Sunrise remains a high-quality resource, the transaction further simplifies Woodside’s portfolio and allows capital and management attention to be focused on opportunities that present the greatest shareholder value," said Woodside Energy CEO Liz Westcott.
Timor Gap will achieve full ownership of the venture by combining Woodside's stake with its existing 56.56% holding and a recently agreed purchase of Osaka Gas' 10% interest.
The deal allows Woodside to direct resources towards key growth assets, including the US$35 billion Browse Project of Western Australia and the Louisiana LNG venture on the US Gulf Coast.
Following the announcement, the Woodside Energy share price came to $33.18.
To streamline its business operations, Woodside has recently sold its Calypso gas project in Trinidad to BP and transferred its interest in the Bonaparte carbon capture venture to Inpex.
The company has also put its Beaumont ammonia project in Texas up for sale as part of its ongoing capital reallocation strategy.
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