East Timor, Australia Establish Path To Develop Gas Fields

By Caroline Simson (February 26, 2018, 9:30 PM EST) -- East Timor and Australia have finalized an agreement in a maritime border dispute and established a "pathway" to develop offshore gas fields located between the two countries, which hold nearly 230 million barrels of condensate oil, the Permanent Court of Arbitration said on Sunday.

Nearly two years after the small Southeast Asian nation of East Timor initiated a conciliation proceeding at the PCA against its southerly neighbor, the two nations reached a deal delineating the maritime boundary between them in the Timor Sea and established revenue sharing arrangements for the Greater Sunrise gas fields during a final set of meetings that...

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