I assume this is a PSC type arrangement, so WPL will be able to recover their costs before the revenue goes to East Timor and Australia? AFR is suggesting the 70/30 split is between the ET and Australian governments (not ET and the JV partners) so that's presumably just the government share they are talking about. The JV partners will take their share and the rest will be split 70/30 between ET and Australia (or 80/20).
It will matter which LNG plant is chosen though. AFR is reporting ET gets the final decision, which is worrying for WPL. I don't think WPL will stay in Sunrise if the ET government demands it be built onshore. Not only the pipeline cost and risk, but it's only a 5 Tcf field, and it's condensate rich, so it's ideal for FLNG. I think FLNG is the only chance for WPL to make an acceptable return.
That may be their only leverage over East Timor - let us build FLNG or we will walk.
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