The neighboring countries had reached an agreement “on the central elements of a maritime boundary delimitation between them in the Timor Sea”, but no further details are disclosed until the agreement was finalised.
According to Reuters, the arbitration began last year and the talks, hosted by Denmark, resulted in a deal on 30 August, under which the two countries would set up a special regime for the Greater Sunrise field, paving the way for its development and the sharing of the resulting revenue.
However, Timor-Leste terminated the controversial treaty that split oil and gas revenues equally with Australia, in January, due to alleged unfairness of the Australian espionage, which triggered a new round of negociations for a permanent maritime boundary.
However, the court statement reads:
“...The parties agree that the agreement reached on 30 August 2017 marks a significant milestone in relations between them and in a historic friendship between the peoples of Timor-Leste and Australia.”