The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise fields, are located approximately 150 km south-east of Timor-Leste and 450 km 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.
In April 2013 the Timor-Leste Government referred a dispute with the Australian Government, relating to the Treaty on Certain Maritime Arrangements in the Timor Sea, to international arbitration in accordance with the dispute resolution procedure in the Timor Sea Treaty.
In September 2014, both governments agreed to defer CMATS arbitration and work towards a settlement.
Woodside and the Sunrise Joint Venture (JV) participants remain committed to developing the Greater Sunrise fields, but require the Timor-Leste and Australian Governments to first agree the legal, regulatory and fiscal regime applicable to Sunrise.
Once tripartite alignment is established, the Sunrise JV believes there is an opportunity to proceed with a development that benefits all parties.
Woodside and the Sunrise JV are committed to continuing our program of meaningful social investment via long term partnerships with the communities of Timor-Leste.
|Location: ||Offshore 150 km south-east of Timor-Leste and 450 km north-west of Darwin, Australia |
|Water depth: ||less than 100 metres to more then 600 metres|
|Contingent Resources:||5.13 Tcf gas, 225.9 MMbbl condensate1|
|Permits:||PSC JPDA 03-19 (33.44%); PSC JPDA 03-20 (unitised); NT/RL2; NT/RL4|
|Acreage:||Gross: 2,998km2, Net: 958km2|
|Discovered: ||1974 Troubadour|
|COMPANY||Equity % |
|Woodside (Operator) ||33.44|
|Conoco Phillips ||30|
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.