Timor-Leste M&A – TIMOR GAP to acquire Osaka Gas’ 10% interest in Greater Sunrise

(Originally posted on September 3, 2026)

On 2 September 2026, TIMOR GAP announced that it had reached a binding agreement with Osaka Gas Australia to acquire its 10% participating interest in the Greater Sunrise project.

The transaction covers Osaka Gas’ interests in PSC 03-19 and PSC 03-20, together with Australian retention leases NT/RL2 and NT/RL4. These remain in place pending finalisation of a new single Production Sharing Contract under the 2018 Maritime Boundaries Treaty between Timor-Leste and Australia.

The transaction value has not been disclosed. Completion is subject to the necessary governmental and regulatory approvals and customary conditions precedent.

If completed, Greater Sunrise ownership will become Woodside (33.44% + operator), and TIMOR GAP (66.56%).

Perhaps more importantly, Osaka Gas' exit would reduce Greater Sunrise from a three-party to a two-party joint venture. TIMOR GAP has explicitly linked the acquisition to improving JV alignment and accelerating work towards selection of the Timor LNG development concept and ultimately FID.