Common Contracts
1 similar null contracts
The Timor Gap, 1972-2002August 22nd, 2002
The Timor Sea Treaty between Australia and East Timor was signed in Dili on 20 May 2002, the first day of East Timor’s existence as an internationally recognized independent state. The treaty was signed for Australia by Prime Minister John Howard, and for East Timor by Prime Minister Mari Alkatiri. The treaty created a Joint Petroleum Development Area (JPDA) of 75,000 sq km in the Timor Sea, with 90 per cent of revenue from production within the area going to East Timor and 10 per cent to Australia. The JPDA covered 100 per cent of a $US1.6 billion project being developed at the Bayu-Undan oil and gas fields by Phillips Petroleum and about 20 per cent of the ten trillion cubic feet Sunrise and Troubadour reservoirs.1An annex to the treaty awarded 18 per cent of revenues from the Greater Sunrise field, a deposit that straddles the eastern corner of the joint area, to East Timor. The Timor Sea Treaty will remain in force until there is a permanent seabed delimitation between Australia an
