Woodside Energy Group Ltd (WDS,WDS.AX), an Australian energy company, on Tuesday announced it has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of Timor-Leste to advance studies for a Timor-based LNG concept for the Greater Sunrise gas fields.
The high-level work plan outlines key milestones, with the first LNG targeted as early as 2032 to 2035.
The agreement aims to mature a greenfield LNG development of about 5 million tonnes per annum, including a domestic gas facility and a helium extraction plant.
Under the agreement, the Ministry of Petroleum and Mineral Resources of Timor-Leste or MPRM and the company will conduct commercial and technical maturation activities.
Maturation activities will run in parallel with ongoing negotiations on fiscal, regulatory, and legal frameworks for the upstream development between the Sunrise Joint Venture and the Timor-Leste and Australian Governments.
Woodside Energy closed trading, 0.12% higher at AUD 25.11 on the Australian Securities Exchange.
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