Australia, Timor-Leste reach draft agreement on maritime border

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



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