East Timor Buys ConocoPhillips’ Stake In Sunrise Gas Field

East Timor has signed a deal to buy ConocoPhillips Co.’s (NYSE: COP) stake in the Greater Sunrise gas field off the country’s southern coast for $350 million, the Australian Financial Review reported on Oct. 1.

A delegation led by former East Timor President Xanana Gusmao and its proposed new petroleum minister Alfredo Pires signed a final agreement in Bali on Sept. 28 with ConocoPhillips’ Australia West president Chris Wilson, the newspaper said, without citing any sources.

The agreement is expected to be mutually beneficial to the government of Timor-Leste and ConocoPhillips, according to Matt Fox, executive vice president of strategy, exploration and technology for ConocoPhillips.