Illustrative image (Source: catholicleader.com.au) Hanoi (VNA) – The Government of Timor Leste saidon February 25 that Timor Leste and Australia have reached agreement on atreaty related to their maritime border disputes and the pathway for GreaterSunrise gas field.
Accordingly, maritime boundaries between the two nations willbe established for the first time in the Timor Sea.
The treaty also establishes revenue sharing arrangements betweenthe two governments, under which the shares of the 40 billion USD fieldallocated to each of the parties will differ depending on profits associatedwith different development stages of the Greater Sunrise gas field.
In October 2017, the Permanent Court of Arbitration said thetwo nations agreed on the draft treaty, ending a decade-old dispute related tooil and gas fields between the two nations.
Australia and Timor Leste started to discuss the settlementof territorial disputes in 2002 when the latter separated from Indonesia.
In 2006, the two sides signed some marine deals in the Timor Sea.
The Greater Sunrise field is estimated to hold 144 billion cubic metres of gasand 226 million barrels of condensate gas, which are worth up to 40 billionUSD.-VNA
VNA
