Timor-Leste president claims multiple parties interested in Greater Sunrise gas project

Timor-Leste President José Ramos-Horta has told an Australian audience that his nation has received billions of dollars in potential support from countries such as Kuwait and China to develop the massive Greater Sunrise gas project.

Timor-Leste and Australia have been in a tug-of-war for decades over the Woodside (ASX: WDS)-operated Greater Sunrise field in the Timor Sea, with both nations wanting gas processing to be undertaken on their shores.

Speaking at the National Press Club of Australia in Canberra, Mr Ramos-Horta said the Kuwaitis, Chinese and others are ready to step in if Australia doesn’t move forward with the massive gas project.

Private Kuwaiti interest

The president said Timor-Leste has received particularly strong interest from a private independent Kuwaiti fund.

“Representatives from Kuwait have been to Timor five times,” Mr Ramos-Horta said.

“They […] are willing to invest upwards of $12 billion in the Greater Sunrise project.”

He noted that Prime Minister Xanana Gusmão has also had discussions with Korea and Japan.

Long-stalled project

Woodside and its project partners have held discussions with the Timor-Leste and Australian governments as they try to progress a way forward for the long-stalled project.

Leading international engineering firm Wood was recently appointed to conduct an independent study for the Greater Sunrise development and Mr Ramos-Horta said he is eagerly awaiting the results.

“I want to thoroughly examine the independent study to see what the advantages are of either option—Darwin or Timor-Leste,” he told the Canberra audience.

“It has to be a decision based on a serious, impartial study that will be persuasive regarding one option or another—it cannot be a political issue, this has to be purely economic.”

Giant gas field

Greater Sunrise is located 450 kilometres north-west of Darwin and 150km south of Timor-Leste, within the borders of the Timor Sea Joint Petroleum Development Area.

It is considered one of the largest undeveloped petroleum assets in the Asian region, with an estimated 5.1 trillion cubic feet of gas and 226 million barrels of condensate.

For now, however, the field remains idle due to the ongoing debate between Timor-Leste and Australia over where the gas extracted should be processed.