Timor-Leste President Jose Ramos-Horta announced that a deal with Australia regarding the Greater Sunrise project, a significant fossil fuel project, will be signed by November. The project aims to extract trillions of cubic feet of natural gas and has faced obstacles due to maritime boundary disputes and conflicting opinions on where the gas should be refined. Ramos-Horta stated that the agreement will be finalized within weeks and will play a crucial role in securing Timor-Leste’s economic future.
The country, which gained independence in 2002, heavily relies on oil and gas reserves for its economy. Ramos-Horta highlighted the importance of the Greater Sunrise project for countries like China, Japan, and South Korea. The decision on whether the resources will be sent to Timor-Leste or Australia is yet to be determined following an independent study. Despite the potential involvement of China in funding the project, Ramos-Horta emphasized the positive relations with Australia and the mutual agreement between both governments.
Woodside Energy, the operator of the Greater Sunrise project, expressed caution during an investor call, mentioning the complexity of the project and the need for further work. Australian officials had previously expressed concerns about China’s involvement in the project and its expanding regional influence. Timor-Leste, located near Australia’s northern coast, has also been a focal point in discussions about regional dynamics.
Ramos-Horta addressed the strained relations between Timor-Leste and Australia following a spying scandal in 2018, stating that relations have been reset. Despite the challenges faced in the past, he acknowledged Australia as a true and great friend, emphasizing the significance of the renewed friendship between the two nations. The agreement on the Greater Sunrise project signifies a milestone in the bilateral relations between Timor-Leste and Australia, showcasing the potential for collaboration in economic development and regional stability.
As discussions progress on the Greater Sunrise project, the future of Timor-Leste’s economy and energy sector remains at the forefront of the agenda. The signing of the agreement by November will mark a significant step towards securing the country’s economic future and maximizing the potential of its natural resources. The project not only holds promise for the economic growth of Timor-Leste but also contributes to the energy needs of neighboring countries in the region, highlighting the strategic importance of the development of the Greater Sunrise project.
