Australia and East Timor have reached a agreement on a maritime border, putting an end to an over 10-year dispute between the two nations that has hindered development of a $40 billion offshore gas project in the Timor Sea, the Permanent Court of Arbitration in The Hague announced Saturday.
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.
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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.”
