Timor-Leste's state-owned oil firm Timor Gap has acquired a 16% interest in the Bayu-Undan gas project, majority joint venture owner Santos said on Monday.
Timor Gap has now become a part of the Bayu-Undan JV, which also includes SK E&S, INPEX, Eni and Tokyo Timor Sea Resources.
The joint venture partners collectively manage the Bayu-Undan upstream gas project, which comprises an offshore petroleum field and offshore production and processing facilities in Timor-Leste.
Australian oil and gas giant Santos is the major shareholder with a 36.5% interest after Timor Gap's inclusion.
Financial details of the deal were not disclosed, and Santos did not immediately respond to a Reuters' request for comment.
Last year, Santos and its Bayu-Undan JV partners signed a memorandum of understanding to explore partnership opportunities for the proposed Bayu-Undan carbon capture and storage project.
Santos intends to convert the Bayu-Undan field, which is the only producing oil and gas field in East Timor, into a carbon capture and storage project once oil and gas production stops.
(Reuters - Reporting by Adwitiya Srivastava in Bengaluru; Editing by Subhranshu Sahu)