East Timor parliament ratifies treaties with Australia

23 February 2007

Dili, East Timor, 23 Feb – The East Timor parliament Tuesday ratified the treaties to share oil resources in the Timor Sea with Australia and to postpone the definitive delimitation of the sea border between the countries for 50 years, officials said.

There were 48 votes in favor, five against and three abstentions.

Prime Minister Ramos Horta said he was happy that after a year the agreements had finally been ratified, which opened the way to the investments needed for oil and gas exploration.

Woodside Petroleum, which operate the Greater Sunrise field, in 2004 froze a multimillion dollar project, as negotiations between Australia and East Timor were going nowhere.

Under the terms of the agreement, Australia and East Timor will equally split the revenue from that field, and it is estimated that East Timor will receive around US$10 billion over 20 years. (macauhub)