Australia and Timor-Leste sign historic maritime border treaty
by Helen Davidson from on (#3HGZV)
The treaty determines entitlement to Timor Sea oil and gas reserves, including in the Greater Sunrise basin
Australia and Timor-Leste have a permanent maritime border for the first time after the signing of a significant and unprecedented treaty in New York on Wednesday.
The treaty finally determines each nation's entitlement and ownership of the rich oil and gas reserves in the Timor Sea, including the untapped Greater Sunrise basin, estimated to hold $53bn worth of gas reserves.
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