Timor-Leste: How Australia-East Timor Treaty Unlocks US$65 Billion Gas Fields

Mar 8, 2018 | Reuters
View Original

East Timor and Australia this week signed a treaty at the United Nations setting their maritime boundary for the first time, and striking a deal on sharing an estimated US$65 billion (S$85.4 billion) in potential revenues from the Greater Sunrise gas fields in the Timor Sea. For impoverished East Timor, with a population of just 1.3 million, development of the fields is crucial - its main source of revenue since 2004, the Bayu Undan gas field, is set to run out of gas by 2022.