Illustrative image (Source: catholicleader.com.au)

Hanoi (VNA) – The Government of Timor Leste said on February 25 that Timor Leste and Australia have reached agreement on a treaty related to their maritime border disputes and the pathway for Greater Sunrise gas field.

Accordingly, maritime boundaries between the two nations will be established for the first time in the Timor Sea.

The treaty also establishes revenue sharing arrangements between the two governments, under which the shares of the 40 billion USD field allocated to each of the parties will differ depending on profits associated with different development stages of the Greater Sunrise gas field.

In October 2017, the Permanent Court of Arbitration said the two nations agreed on the draft treaty, ending a decade-old dispute related to oil and gas fields between the two nations.

Australia and Timor Leste started to discuss the settlement of 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 gas and 226 million barrels of condensate gas, which are worth up to 40 billion USD.-VNA