The East Timorese president has hinted at improving relations with Woodside Petroleum Limited (ASX:WPL), according to a report by The Australian.
The new chief executive Peter Coleman leaving a positive impression after his first visit. East Timor has been in dispute with Woodside and its joint venture partners in the Greater Sunrise gas project situated between Australia and East Timor.
The East Timorese government wants the gas processed at a proposed LNG plant in East Timor. Woodside and its partners say that’s too expensive.
In the first half of the 2011 financial year Woodside Petroleum reported a net profit of $772 million.
