The Woodside Energy Group Ltd (ASX: WDS) share price is slightly up after the ASX energy share announced a $200 million asset sale.
Woodside is a large oil and gas business listed on the ASX with projects around Australia, Africa and the US.
Asset sale
The ASX energy share said that it has entered into an agreement with TIMOR GAP to sell its interest in the Sunrise joint venture, including the titles containing the Greater Sunrise fields, for a total consideration of up to $200 million.
Woodside noted that completion of the transaction is subject to satisfaction of conditions, including relevant government, regulatory and joint venture approvals, with completion targeted to occur in the first half of 2027.
After completing the sale and transaction, Woodside will no longer hold a participating interest in the Sunrise joint venture.
TIMOR GAP currently holds a 56.56% interest in the Sunrise joint venture and announced on 2 September 2026 that it had entered into an agreement with Osaka Gas to acquire Osaka Gas’ 10% interest in the Sunrise joint venture, subject to satisfying relevant conditions.
Management comments
The Woodside CEO Liz Westcott said:
Greater Sunrise has been an important part of Woodside’s portfolio for many years, and we recognise the project has the potential to deliver long-term economic and energy security benefits for Timor-Leste and the region.
While Sunrise remains a high-quality resource, the transaction further simplifies Woodside’s portfolio and allows capital and management attention to be focused on opportunities that present the greatest shareholder value.
Woodside has worked closely with the Governments of Timor-Leste and Australia, TIMOR GAP and Osaka Gas to advance Greater Sunrise, including the proposed new fiscal, regulatory and legal framework required to support its future development.
Reaching alignment on the key principles underpinning a new Greater Sunrise Production Sharing Contract and associated fiscal framework in August provides an appropriate point for Woodside to sell its participating interest to TIMOR GAP.
We are committed to working constructively with TIMOR GAP, Osaka Gas and the Governments of TimorLeste and Australia to support an orderly transition and preserve the progress made towards the future development of Greater Sunrise.
I would like to thank the Governments of Timor-Leste and Australia, our joint venture participants, employees
and the many stakeholders who have worked with Woodside on Greater Sunrise over a number of years.
Final thoughts on the Woodside share price
Its valuation has risen significantly in the past year – it has gone up by more than a third. Conditions are good for the company to generate profit with higher energy prices and no end in sight of the difficulties in the Middle East. But, I’m not sure this is a great time to buy because the Woodside share price has already risen so much. When it comes to something cyclical like energy prices, I think it’s better to buy when the commodity price is going through a dip.
But, it’s certainly looking likely Woodside will generate stronger earnings and pay larger dividends than before the Iran conflict. Even so, I’d look at other ASX dividend shares first.
