Timor-Leste and Australia have reached an agreement on the central elements of a maritime boundary delimitation between the two countries in the Timor Sea, paving the way for development of oil and gas fields in the region.
“The Parties’ agreement constitutes a package and, in addition to boundaries, addresses the legal status of the Greater Sunrise gas field, the establishment of a Special Regime for Greater Sunrise, a pathway to the development of the resource, and the sharing of the resulting revenue,” the Permanent Court of Arbitration, which has been leading talks between the two nations, said in a statement September 2.
The two parties will continue to meet with the Commission in order to finalise their agreement, which is scheduled for October. At the same time, they will begin to engage with other stakeholders in the Timor Sea regarding the implications of their agreement, in particular with respect to the Greater Sunrise resource.
Greater Sunrise field is made up of Sunrise and Troubadour gas and condensate fields, located approximately 150 kilometres south east of Timor-Leste and 450 kilometres north west of Darwin in the Northern Territory.
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