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.
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
Australia and Timor-Leste have reached a breakthrough agreement on the maritime border, ending a decade-old row between the two nations that has stalled a 40 billion USD offshore gas project.
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Timor-Leste fishermen (Source: VNA) 
