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Australia, Timor-Leste reach draft agreement on maritime border

Australia and Timor-Leste have agreed on a draft of the agreement on maritime border delimitation reached in August, ending a decade-old dispute related to oil and gas fields between the two nations, according to the Permanent Court of Arbitration (PCA) in The Hague, the Netherlands.
Australia, Timor-Leste reach draft agreement on maritime border ảnh 1Timor-Leste fishermen (Source: VNA)

Hanoi (VNA) - Australia and Timor-Leste have agreed on a draft of the agreement onmaritime border delimitation reached in August, ending a decade-old disputerelated to oil and gas fields between the two nations, according to thePermanent Court of Arbitration (PCA) in The Hague, the Netherlands.

Thetwo neighbouring countries in the South Pacific region reached consensus on a finaliseddocument of the draft agreement on maritime boundary delimitation in the TimorSea and addressing legal framework for the Greater Sunrise oil and gas field.

Accordingto the PCA, the draft agreement paves the way for the development and sharingof the resulting revenue.

Australiaand Timor-Leste started to discuss the settlement of territorial disputes in2002 when the latter separated from Indonesia.

In2006, the two sides signed some marine deals in the Timor Sea.

TheGreater Sunrise field is estimated to hold 144 billion cubic metres of gas and226 million barrels of condensate gas, which are worth up to 40 billionUSD.-VNA
VNA
#Australia #Timor-Leste #maritime border delimitation #PCA #South Pacific region #Greater Sunrise #Vietnamplus #Vietnam News #Vietnam News Agency Australia Timor-Leste
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