• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 2 hours Science: Only correct if it fits the popular narrative
  • 44 mins Crazy Stories From Round The World
  • 14 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 19 hours EU has already lost the Trump vs. EU Trade War
  • 12 hours China's Renewables Boom Hits the Wall
  • 2 days ''Err ... but Trump ...?'' *sniff
  • 3 hours Do The World's Energy Policies Make Sense?
  • 13 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 6 hours Impeachment Nonsense
  • 1 day Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 18 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

Australia, East Timor Agree On Border, Pathway To Develop Giant Gas Fields

Greater sunrise

Australia and East Timor have reached an agreement in their long-running dispute over their maritime border and on a pathway to develop the gas fields in the Greater Sunrise territory they share, The Hague-based Permanent Court of Arbitration said on Sunday at the end of the latest round of talks.

Since East Timor gained independence in 2002, Australia and East Timor have been unable to establish permanent maritime borders to regulate how much each of the countries should receive in revenues from the Greater Sunrise basin within their borders—revenues estimated at billions of dollars.

The Law of the Sea and established practice say that a boundary would be settled at equal distance between two countries. This would place most of the potentially prolific Greater Sunrise fields in East Timor’s territory. Australia, however, has always claimed that the boundary should be at the edge of Australia’s continental shelf, closer to East Timor’s land.

Following a conciliation process, now Australia and East Timor have reached an “agreement on a treaty which delimits the maritime boundary between them in the Timor Sea and addresses the legal status of the Greater Sunrise gas field, the establishment of a Special Regime for Greater Sunrise, and a pathway to the development of the resource,” the court said.

“The treaty also establishes revenue sharing arrangements between the governments of Timor-Leste and Australia where the shares of upstream revenue allocated to each of the Parties will differ depending on downstream benefits associated with the different development concepts for the Greater Sunrise gas field,” it added.

Australia and East Timor will sign the Maritime Boundaries Treaty on March 6 in New York at a ceremony hosted by the Secretary-General of the United Nations, António Guterres.

The fields in the Greater Sunrise area are estimated to contain 5.13 trillion cubic feet of gas and 225.9 million barrels of condensate, according to the operator, Woodside, which has 33.44 percent in the joint venture. ConocoPhillips with 30 percent, Shell with 26.56 percent, and Osaka Gas with 10 percent are the other partners in the joint venture.

With the agreement between Australia and East Timor, the consortium now can start thinking about development options. But the long-running dispute has so far delayed decisions, and according to Reuters, development is at least a decade away.

According to reports, East Timor could receive up to 80 percent of the revenue from Greater Sunrise, but the tiny nation might agree to less if gas from the fields is piped to a terminal in its territory.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play