Timor-Leste fishermen (Source: VNA)

Hanoi (VNA) - 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.

The two neighbouring countries in the South Pacific region reached consensus on a finalised document of the draft agreement on maritime boundary delimitation in the Timor Sea and addressing legal framework for the Greater Sunrise oil and gas field.

According to the PCA, the draft agreement paves the way for the development and sharing of the resulting revenue.

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