Timor-Leste will buy Shell’s 26.56% interest in the Greater Sunrise fields for £235 million.
The sale transaction comprises Shell’s permits NT/RL2 and NT/RL4 within Australia waters and PSC 03-19 and PSC 03-20 within Timor-Leste waters and associated governance agreements.
The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise fields, are located approximately 150 kilometres south east of Timor-Leste and 450 kilometres north west of Darwin in the Northern Territory.
Zoe Yujnovich, Shell Australia, said the transaction would allow the Timor-Leste Government and joint venture partners to pursue their aspirations for the Greater Sunrise development.
She said: “We respect the Timor-Leste Government’s determination to develop the Sunrise fields through an onshore LNG facility on its south coast.
“Although we formed different views about the optimal development scenario, we understand the priorities of the Timor-Leste Government and wish it well in pursuing its aspirations to develop this important resource for the nation.
“This sale aligns with our global strategy to reshape Shell into a simpler and more resilient company.
“Our Australian portfolio remains strong as operator of both the QGC onshore natural gas project, Prelude FLNG and significant positions in the Gorgon and North West Shelf LNG projects.”