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 5.1 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).
According to the International Unitisation Agreement (IUA) signed by Australia and Timor-Leste, approximately 20% of the Greater Sunrise fields are attributed to the Joint Petroleum Development Area (JPDA), which is jointly administered by the governments of Australia and Timor-Leste, with the remaining 80% attributed to Australia.
Sunrise Current Status
In mid 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.
We remain committed to developing the Greater Sunrise fields and once tripartite alignment is established, there is an opportunity to proceed with a development that benefits all parties including job creation, capacity building and infrastructure development.
Woodside - Tax Matters in Timor-Leste
In 2007, Woodside sold its shares in Woodside Petroleum (Timor Sea 1) Pty Ltd to ENI International BV in 2007. Sale proceeds received totalled A$26 million after a capital investment of A$52 million, thereby recording a A$26 million loss. The Timor-Leste revenue authorities raised an assessment for A$25 million as a result of the transaction. Woodside has paid the A$25 million pursuant to the assessment in full but is pursuing its’ legal rights for recovery of the tax through the Timor-Leste legal system.
Woodside and the Sunrise Joint Venture (SJV) are committed to continuing our program of meaningful social investment via long term partnerships with the communities of Timor-Leste.
The SJV’s social investment and sponsorship program focuses on:
• developing capability
• supporting health and wellbeing
• connecting, engaging and building relationships with communities.
The SJV places strong emphasis on supporting initiatives which help local organisations to develop skills and resources to deliver services that in turn develop capabilities and contribute to the health and wellbeing of communities.
Recent examples of social investment and sponsorship initiatives supported by Woodside and the Sunrise Joint Venture include:
• Empreza Di’ak’s Good Fish Community Network, an initiative for economic empowerment of fishing communities on Atauro Island through technical and business skills training for dried fish and salt production.
• Ba Futuru’s (‘For the Future’) Early Childhood Development Initiative – Stage 2 including further training and capacity building of local early childhood educators.
• Rotary East Timor’s Rotary Youth Leadership Awards and Rotary Youth Program for Enrichment focused on leadership skills for young Timor-Leste nationals.
• ICFP Baucau Teachers College: the progression of Timorese ICFP tutors through the Australian Catholic University’s Master of Education program.
• HIAM Health’s Community Nutrition Garden program to address malnutrition through education and training of community members and the installation of sustainable community vegetable gardens in the villages of Timor-Leste.
||Offshore 150 km south-east of Timor-Leste and 450 km north-west of Darwin, Australia |
||less than 100 metres to more then 600 metres|
||1,717 Bcf dry gas, 75.6 MMbbl condensate|
||PSC JPDA 03-19 (33.44%); PSC JPDA 03-20 (unitised); NT/RL2; NT/RL4|
||Gross: 2,998km2, Net: 958km2|
||Equity % |