DILI (TOP) - The independent conceptual study on the development of Greater Sunrise, carried out by the British company Wood, between April and November 2024, confirms that the option of developing the project in Timor-Leste is viable and the most advantageous for the country, guaranteeing significant economic benefits. and social.
The study evaluated four main development options: Timor-Leste Liquefied Natural Gas (TLNG), Darwin LNG (DLNG), Ichthys LNG, and a new LNG facility in Australia. All options were considered technically viable, with their respective associated risks, but all viable.
The TLNG option stands out for providing lower operational costs (OPEX) and, by allowing better overall returns, direct and indirect, for Timor-Leste, it will create a major socioeconomic impact on the country. This option also provides the greatest positive impact on Gross Domestic Product (GDP) and job creation and is also the one that offers the highest returns for the Greater Sunrise Development Consortium (Sunrise Joint Venture). According to the study, TLNG will also enable better direct upstream returns to Australia.
Wood, who has extensive experience in liquefied natural gas feasibility studies globally, used rigorous criteria to analyze engineering, technology, financing, commercial structures, as well as fiscal, environmental, health and safety, and socioeconomic impacts.
The Prime Ministers of Timor-Leste and Australia, Kay Rala Xanana Gusmão and Anthony Albanese, respectively, in a joint statement issued last Saturday, December 21, reaffirmed the commitment of both countries “to ensure that the development of the fields of Greater Sunrise in the Timor Sea provides long-term benefits to the people of Timor-Leste.”
“To support Timor-Leste’s aspirations to secure long-term economic growth, improve living standards, and diversify its economy, Australia has proposed to make a significant investment in Timor-Leste’s future by establishing a dedicated infrastructure fund, capitalised at from part of Australia’s share of future revenues from the Greater Sunrise project,” the statement said.
The heads of government of the two countries assume that they “look forward to the opportunity to personally mark these significant initiatives next year as a demonstration of the commitment of both countries to the development of Greater Sunrise and the strengthening of the bilateral relationship.”.
The Minister of the Presidency of the Council of Ministers, Government Spokesperson, and Timor-Leste Interlocutor in the Greater Sunrise discussions, Agio Pereira, stated that “the completion of this study constitutes a fundamental milestone that unequivocally confirms the viability of the development of the Greater Sunrise in Timor-Leste. This solution will bring significant and sustainable benefits to the Timorese people and consolidate the country's economic potential. We will continue to work closely with our partners to implement this vision.
The Greater Sunrise gas fields are located approximately 140 km south of the coast of Timor-Leste. The consortium responsible for the development of the Greater Sunrise fields (Sunrise Joint Venture) is composed of TIMOR GAP, which holds 56.6%, Woodside, with 33.44%, and Osaka Gas Australia, with 10%.
