Timor gets its border and most resources
Historic deal settles a long and bitter struggle with Australia
EAST Timor will reap most of the revenue from a “historic” treaty signed with Australia and resolving a long-running boundary dispute involving the Greater Sunrise oil and gas reserves in the Timor Sea.
Australian Foreign Affairs Minister Julie Bishop and East Timor deputy minister for the Delimitation of Borders Agio Pereira signed the treaty at the United Nations in New York on Tuesday.
East Timor will get 70– 80 per cent of the revenue from the reserves, estimated to be worth up to $A56 billion.
“The agreement divides the revenues from the development of that project either 80/ 20 or 70/30 in Timor’s favour depending upon circumstances surrounding the development,” Ms Bishop said.
“So clearly, should the development of Greater Sunrise proceed through the work of joint venture partners, then substantial benefits will flow to Timor.”
Ms Bishop said she looked forward to the UN Conciliation Commission’s independent report and analysis of the options to develop Greater Sunrise.
Mr Pereira said the negotiations between the nations were tough but Timor Leste and Australia remained friends.
‘‘ THIS CEREMONY DEMONSTRATES THE STRENGTH OF INTERNATIONAL LAW UN SECRETARY-GENERAL ANTONIO GUTERRES
“This treaty establishes a special regime for the Greater Sunrise gas field and a pathway to the development of the resource,” Mr Pereira said.
“The conclusion of this treaty clarifies the rights and responsibilities of Timor Leste and Australia with regard to the resources and activities that fall within our respective sovereign territories.”
The treaty draws the first maritime border between the neighbours, resolving years of bitter wrangling over billions of dollars of oil and gas beneath the Timor Sea
UN Secretary-General Antonio Guterres, a longtime supporter of East Timor and its independence, hailed it as a historic breakthrough for the UN.
“This ceremony demonstrates the strength of international law and the effectiveness of resolving disputes through peaceful means,” he said.
“A central element in the Charter of the United Nations, the peaceful settlement of disputes is also a cornerstone of the United Nations Convention on the Law of the Sea, to which both Australia and Timor-Leste are parties.
“This event is historic as it marks the successful conclusion of the first-ever conciliation proceedings under Annex V to the Convention.”
Ms Bishop said Australia also has a treaty with Indonesia.
Indonesian Foreign Minister Retno Lestari Priansari Marsudicongratulated Australia and East Timor on the deal.
“The Australia-Indonesia treaty will remain and it does open the way for Timor Leste and Indonesia to negotiate the changing boundaries,” Ms Bishop said.
“That will ... flow on.”