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Sunrise Development Explores Placing LNG Infrastructure Onshore in TimorLeste

2/9/2023

The Sunrise Development announced on February 6th that it would begin exploring the option of placing gas processing facilities, which could include a planned LNG export terminal, associated with gas fields off the coast off the coast of TimorLeste in onshore in TimorLeste.

Location of Sunrise Development off the coast of Timor-Leste

Background:
The Sunrise development, located approximately 450 km north-west of Darwin and 150 km south of TimorLeste, comprises the Sunrise and Troubadour gas and condensate fields. The fields contain an estimated
contingent resource (2C) 5.3 Tcf of dry gas and 226 MMbbl of condensate (100%).

Press Release:

The Sunrise Joint Venture (SJV), comprising TIMOR GAP (56.56%), Operator Woodside Energy (33.44%),
and Osaka Gas Australia (10.00%), jointly affirms its commitment to undertake a concept select
program for the development of the Greater Sunrise fields.

The SJV will consider all of the key issues for delivering the gas, for processing and LNG sales, to TimorLeste compared to delivering the gas to Australia.

The studies will incorporate and update previous work by utilising the latest technologies and cost estimates
while also considering the socio-economic, capacity building, safety, environmental, strategic and security
benefits of the various options. The studies will include evaluation of which option provides the most
meaningful benefit for the people of Timor-Leste. The SJV is aiming to complete the concept select program
expeditiously given the benefits that could flow from developing the Sunrise fields.

TIMOR GAP President and CEO Antonio de Sousa said he was pleased that TIMOR GAP’s efforts have
substantially contributed towards realising the long-awaited goal of developing Greater Sunrise.
“This path forward is a significant commitment to our stakeholders, to the aspirations of those who made
sacrifices to achieve independence for the Democratic Republic of Timor-Leste, and to the future of our
people and Timor-Leste. It offers a clearer path to prosperity, equality, peace, stability, and sustainability for
current and future generations,” he said.

Woodside Energy CEO Meg O’Neill said the development of new technologies and growing demand for safe
and reliable LNG meant it was the right time to bring forward the concept select program.

“It is important we continue to look at ways to develop the Greater Sunrise fields using the latest
technologies by evaluating, for example, modular LNG, that did not exist in the past. Against a backdrop of
global geopolitical instability and constrained energy supply chains, there is an opportunity for the Sunrise
Joint Venture to significantly advance this regionally important project,” she said.

Osaka Gas Australia Managing Director Yo Otsuka said it was important to assess and compare the
development concept from both technical and commercial points of view to select the best option for the
success of the Sunrise project.

In parallel to the concept select program, the SJV is progressing the negotiation of the new Production
Sharing Contract, Petroleum Mining Code and associated agreements with the Timor-Leste and Australian
Governments, which upon finalisation will provide the fiscal and regulatory certainty required for a
development to proceed.