ConocoPhillips has completed the previously announced transaction to divest its 30% interest in the Greater Sunrise Fields to the government of Timor-Leste for $350m and additional customary adjustments.
Located nearly 150km south east of Timor-Leste and 450 kilometers north-west of Darwin, Australia, the Sunrise and Troubadour gas and condensate fields are collectively known as the Greater Sunrise fields.
The gas-rich Greater Sunrise fields are discovered in 1974 and holds approximately 5.13Tcf of gas and 225.9 million barrels of condensate.
Along with the company, other partners in Greater Sunrise Fields joint venture include Woodside with a 33.4% stake, Shell with 26.6% and Osaka Gas with 10%, where Woodside serving as operator for the field.
ConocoPhillips executive vice president and chief operating officer Matt Fox said: “We are pleased to complete this transaction with the government of Timor-Leste. ConocoPhillips recognizes the importance of the Greater Sunrise Fields to the nation of Timor-Leste, and this sale gives them a significant working interest in this important development.”
ConocoPhillips said that the sale transaction covers its interest in production sharing contracts 03-19 and 03-20 and retention leases NT/RL2 and NT/RL4.
In October 2018, the company has announced its plans to divest its interest in the Greater Sunrise Fields for a total sale price of $350m, subject to the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, along with regulatory approvals and partner pre-emption rights.
ConocoPhillips intends to use the proceeds from the present transaction for general corporate purposes.
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $70bn of total assets, and nearly 10,800 employees as of 31 December 2018.
In August 2018, the company agreed to sell its Barnett shale play assets comprising oil and natural gas properties located mainly in Montague, Wise, Denton, and Cooke Counties, Texas, to Lime Rock Resources for nearly $230m.