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East Timor’s President Jose Ramos-Horta has confirmed his country’s preference to develop the stalled Greater Sunrise natural gas field with Australia and existing partners Woodside Energy (OTC:WOPEY) and Japan’s Osaka Gas, rather than Chinese firms like Sinopec (OTC:SHIIY).
Greater Sunrise, holding an estimated 5.1 trillion cubic feet of gas, has been delayed for decades due to disputes over development plans. The project is crucial for Timor-Leste’s economic growth. Timor Gap, East Timor’s state-owned oil company, controls a 56.6% stake, while Woodside holds 33.4% and Osaka Gas 10%.
Ramos-Horta stated that while his government is open to other investors, they are committed to working with Australia. He revealed that Woodside’s CEO acknowledged the feasibility of building an LNG plant in East Timor but remains inclined to transport gas to Australia’s existing Darwin hub. A British engineering firm’s report confirmed that processing the gas in East Timor is viable, but it remains unpublished.
A Kuwaiti private fund has expressed interest in fully financing the pipeline needed for an East Timor LNG plant, with officials visiting Dili five times. Ramos-Horta emphasized that financing is not an issue for his country, asserting, “We have money.”
He urged Australia to finalize an agreement before its upcoming federal elections to avoid further delays. He also questioned Australia’s commitment to the project if no decision is made soon.
Additionally, Ramos-Horta expects East Timor to join ASEAN this year and revealed that the country has granted mining rights to Australian firms while initiating onshore gas exploration.
