ConocoPhillips has announced that it has completed the previously announced transaction to sell its 30% interest in the Greater Sunrise Fields to the government of Timor-Leste for US$350 million plus customary adjustments.
Matt Fox, executive vice president and chief operating officer, said: “We are pleased to complete this transaction with the government of Timor-Leste.
“ConocoPhillips recognises 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.”
According to the statement, the Sunrise and Troubadour gas and condensate fields are collectively known as the Greater Sunrise Fields, and are located in the Timor Sea.
The sale transaction covers the company’s interest in production sharing contracts 03-19 and 03-20 and retention leases NT/RL2 and NT/RL4.