[nasional_list] [ppiindia] E Timor, Australia sign oil deal

From: "Ambon" <sea@xxxxxxxxxx>
To: <"Undisclosed-Recipient:;"@freelists.org>
Date: Thu, 12 Jan 2006 13:05:14 +0100
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**http://news.bbc.co.uk/1/hi/world/asia-pacific/4604616.stm

Last Updated: Thursday, 12 January 2006, 06:53 GMT 



      E Timor, Australia sign oil deal  
            By Phil Mercer 
            BBC News, Sydney 


           


              
      Australia and East Timor have signed a treaty that allows them to share 
billions of dollars in revenues from disputed oil and gas fields. 

      The agreement ends a long-running row over lucrative energy reserves in 
the Timor Sea. 

      The East Timorese government has said it was happy with the agreement. 

      Foreign Minister Jose Ramos Horta insisted it was a win-win situation. 
His impoverished country could earn up to $10bn from the deal. 


      Click here for a detailed map of the area 
      East Timor certainly needs the money, as it is still heavily reliant on 
foreign aid since it became independent from Indonesia in 2002. 

      The treaty with Australia ends a marathon dispute over energy resources 
in the Timor Sea. Over the past two years, negotiations have at times been 
acrimonious. 

      Australia was forced to deny accusations that it was trying to bully its 
tiny neighbour. 

      It is hoped the arrangement should clear the way for the start of gas and 
oil production in the Greater Sunrise field, which is regarded as the jewel 
beneath the Timor Sea and is worth an absolute fortune. 

      A statement released in Canberra said Australia and East Timor would 
share the proceeds equally if the project goes ahead. After so many delays, the 
companies involved in the Greater Sunrise plan have not yet decided if it will 
proceed. 

      Talks on the sensitive issue of a maritime boundary between the two 
countries have been shelved as part of this energy treaty. 

      A final decision has been deferred for 50 years, to allow oil and gas 
schemes to go ahead. 



            TIMOR SEA RESOURCES 
             

            Australia and E Timor agreed in 2002 that Dili would get 90% of 
revenue from the Joint Petroleum Development Area (JPDA).
            The JPDA includes some or all of two major resource sites - Sunrise 
and Troubadaour (known together as Greater Sunrise) and Bayu-Undan.
            But E Timor would get more if a maritime boundary in the Timor Sea 
were re-drawn.
            The boundary, agreed in 1972 by Australia and E Timor's former 
ruler Indonesia, currently gives Australia the lion's share of the resources.
            E Timor wants it redrawn at a point equidistant between the two 
nations. This would give Dili most of the resources. 


     


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[nasional_list] [ppiindia] E Timor, Australia sign oil deal

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