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Shell exit from Greater Sunrise paves way for Chinese

Shell exit from Greater Sunrise paves way for Chinese

East Timor has bought Shell’s stake in the Greater Sunrise project, giving it a majority share and putting more impetus behind the project’s development

By Damon Evans 21 November 2018

East Timor’s decision to buy out Shell’s stake in the Greater Sunrise fields has revived momentum in the project, which will require billions of dollars of investment, and paves the way for Chinese participation.

Dili agreed on Tuesday to pay $300 million for Shell’s 26.56% stake in the fields, which straddle the Australian and Timorese sea beds. The move follows a recent agreement to buy out ConocoPhillips’ share of the fields.

The Greater Sunrise project was considered to be politically stranded and of negligible…

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