East Timor closes Greater Sunrise fields deal
National oil company Timor Gap paid $650m to buy out 56.56% in combined interests in Greater Sunrise held by Shell and ConocoPhillips. This spells progress towards resolving an overdrawn dispute over the development of some 5.1trn cubic feet of gas resources at Greater Sunrise
ConocoPhillips and Woodside, which retains a significant stake in Greater Sunrise, had serious reservations about East Timor’s proposal to pipe gas from Greater Sunrise to an onshore plant to be built at Beaco, the country’s coastal city