Original article by Cameron Stewart
The Australian – Page: 2 : 7-Mar-18
Australia and East Timor will sign a treaty on the maritime boundary between the two nations in New York on March 7. The treaty is likely to change the revenue-sharing arrangement for oil and gas reserves in the Timor Sea from the current equal split to one that favours East Timor. This would reduce Australia’s revenue share from around $A20bn to $A12bn over the next 35 years. East Timor’s revenue share may increase further if LNG is processed at existing facilities in Darwin rather than in East Timor.
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, ROYAL DUTCH SHELL PLC, OSAKA GAS COMPANY, PERMANENT COURT OF ARBITRATION