East Timor's President Jose Ramos-Horta on Wednesday said Indonesia, South Korea, Japan and China may all be interested in investing in the Greater Sunrise gas project based out of the waters between East Timor and Australia. 

"So Indonesia is a potential investor in Greater Sunrise. Why not? South Korea is one of the great potential investors," Ramos-Horta said at the National Press Club in Canberra while on a state visit to Australia, adding that investors from Japan and China may also be interested.

"Of course China (could be involved). It's a pipeline, we are not talking about maritime security. It's just a pipeline. China would just be an investor," he said. Australia is concerned about Beijing's growing presence in East Timor and the wider region.    

What is the Greater Sunrise project?

Greater Sunrise is made up of two fields that were discovered in 1974. They hold an estimated 5.1 trillion cubic feet of gas and 226 million barrels of condensate, which is a type of light crude oil usually found with gas.

The development of the fields was first stalled due to a maritime boundary dispute that was only resolved in 2018. This was followed by disagreements over whether the gas would be directed to a new liquefied natural gas plant in East Timor or to an existing hub in Darwin, which Sunrise’s operator Woodside Energy Group favors.

As negotiations reach a critical stage, Ramos-Horta is attempting to break the stalemate with Canbera and Woodside over how the gas fields should be developed.

Ramos-Horta 'confident' gas field deal will be reached

Ramos-Horta has urged Canberra to back piping the gas to East Timor, as the project could provide $100 billion (€101 billion) in revenue and development benefits to the impoverished country.

"I'm also confident that in the end we will reach an agreement with Woodside and the other joint venture members. I'm optimistic about that," Ramos-Horta said in Canberra.

The project is critical to the half-island nation’s future as without further oil and gas revenue, East Timor's $19 billion sovereign wealth fund could be spent within a decade, according to an East Timorese research institute La'o Hamutuk.

see/wd (Reuters, AP)