Woodside and its joint venture partners have been investigating options for the development of the Greater Sunrise gas resource in the Timor Sea for more than two decades.
Any potential development has always been subject to the fiscal and regulatory conditions prescribed under agreements negotiated by the governments of Timor-Leste and Australia. The Sunrise joint venture has not been party to those government-to-government negotiations.
Woodside and its joint venture partners have spent hundreds of millions of dollars on exploration and technical studies for a potential development of Sunrise, and have also made significant investments in social programs in Timor-Leste. Woodside and its partners have realised no revenue in return for that investment to date, but we continue to work toward a development concept for Sunrise that delivers value to both the people of Timor-Leste and the shareholders of the joint venture participants.
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, Northern Territory. The fields were discovered in 1974 and hold gross (100%) contingent resources (2C) of 5.13 Tcf of gas and 225.9 million barrels of condensate (net Woodside share of 1.7 Tcf of dry gas and 75.6 million barrels of condensate)1.
On 6 March 2018, Timor-Leste and Australia
signed their new Maritime Boundaries Treaty. The
Sunrise Joint Venture stands ready to assist both governments during the
transition period and looks forward to entering into discussions on the Greater
Sunrise Production Sharing Contract as soon as practicable.
Until new Production Sharing
Contract arrangements are in place, the Sunrise Joint Venture will continue to
honour its obligations under existing Production Sharing Contracts (JPDA 03-19
and JPDA 03-20) and Retention Leases (NT/RL2 and NT/RL4), continue ongoing
social investment activities in Timor-Leste and maintain an office in Dili.
Offshore 150 km south-east of Timor-Leste and 450 km north-west of Darwin, Australia
less than 100 metres to more than 600 metres
5.13 Tcf gas, 225.9 MMbbl condensate1
PSC JPDA 03-19; PSC JPDA 03-20 (unitised); NT/RL2; NT/RL4
Gross: 2,998km2, Net: 958km2
1 Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Woodside reports Contingent resources net of the fuel and flare required for production, processing and transportation up to a reference point and non-hydrocarbons not present in sales products. Contingent resources estimates may not always mature to reserves and do not necessarily represent future reserves bookings. All Contingent resource volumes are reported at the ‘Best Estimate’ (P50) confidence level.