ConocoPhillips sells Greater Sunrise stake to Timor-Leste

US energy company and LNG player, ConocoPhillips said it has completed the sale of its 30 percent interest in the Greater Sunrise fields to the government of Timor-Leste for $350 million.

“ConocoPhillips recognizes 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,” ConocoPhillips said.

The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise Fields, are located in the Timor Sea.

The sale transaction covers ConocoPhillips’ interest in Production Sharing Contracts 03-19 and 03-20 and Retention Leases NT/RL2 and NT/RL4.

The government of Timor-Leste previously purchased Shell’s 26.56 percent interest in the Greater Sunrise fields for $300 million.