Timor-Leste’s President Jose Ramos-Horta announced that a deal with Australia on the Greater Sunrise project, a vast fossil fuel initiative crucial to the nation’s economic future, will be finalized by November. This project, which involves tapping trillions of cubic feet of natural gas, has been stalled for years due to disputes over maritime boundaries and where the gas should be refined. Ramos-Horta stated that an agreement will be signed within weeks, potentially by November of the current year.
As Asia’s youngest nation that gained independence in 2002, Timor-Leste is heavily reliant on its oil and gas reserves to sustain its economy. Ramos-Horta acknowledged the significance of the Greater Sunrise project for countries like China, Japan, and South Korea, all of which require the gas resources from the project. There is still uncertainty about whether the resources will be transported to Timor-Leste or Australia, which will be decided after an independent study conducted by both governments.
Although Project operator Woodside Energy mentioned in an investor call that the Greater Sunrise project is complex and requires additional work, Ramos-Horta remains optimistic about the progress and potential benefits of the project. There were initial concerns from Australian officials about China potentially funding the project, given Beijing’s growing regional influence. However, Ramos-Horta assured that relations with Australia have been reset, despite past tensions over a spying scandal that surfaced in 2018. He described Australia as a true and great friend to Timor-Leste.
In the interview with AFP, Ramos-Horta referenced the bugging incident as unkind but acknowledged that such occurrences are not uncommon among countries. As of now, the focus is on the positive and strengthened relations between Timor-Leste and Australia, which Ramos-Horta emphasized as being in a good state. The Greater Sunrise project holds significant potential for both countries, and the impending agreement is expected to bring economic benefits and opportunities for Timor-Leste’s future growth and development.
The significance of the Greater Sunrise project for Timor-Leste’s economy cannot be overstated, and the upcoming agreement with Australia is a positive step towards harnessing this potential. Ramos-Horta’s announcement of finalizing the deal by November reflects the commitment of both countries to move forward with the project. Despite previous challenges and disputes, the prospect of tapping into vast natural gas resources presents a valuable opportunity for economic growth and stability in Timor-Leste, with Australia as a supportive partner in this endeavor.
