February 26, 2018 / 5:48 AM / 3 months ago

East Timor, Australia agree on maritime border, "pathway" to develop gas field

JAKARTA, Feb 26 (Reuters) - East Timor and Australia have reached an agreement for a treaty on their disputed maritime border and on a “pathway” to develop the giant Greater Sunrise offshore gas field, a statement from an arbitration court said.

The share of revenue from the $40 billion offshore gas field will differ depending on downstream benefits that arise from “different development concepts for the Greater Sunrise gas field”, the statement said.

Dili had taken the long-running maritime border dispute to the Permanent Court of Arbitration, which ordered compulsory arbitration between the two parties. (Reporting by Nelson Da Cruz; Writing by Ed Davies; Editing by Richard Pullin)

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