East Timor is reassessing its ambitious petroleum development plans, which include the Woodside Petroleum-operated Greater Sunrise project, after discovering the economic analysis behind its proposed schemes is inaccurate.
East Timor may have a second chance to see its Greater Sunrise field developed this decade as Australia’s Santos considers extending the life of the country’s Bayu-Undan project, which feeds the Darwin LNG export plant in northern Australia.
Shifting political dynamics in East Timor hint at a change in direction for the petroleum sector as Woodside values the country’s proposed Greater Sunrise project at zero.
Australia and East Timor have signed a historic treaty drawing their maritime boundary, ending years of bitter wrangling over billions of dollars of oil and gas riches lying beneath the Timor Sea and opening a new chapter in relations.
