In a major joint announcement on Saturday, Timor-Leste and Australia declared they had reached an agreement on “central aspects” of a maritime boundary determination. Since April last year, the two countries have been involved in a Compulsory Conciliation Process under the UN Convention on the Law of the Sea, or UNCLOS, initiated by Timor-Leste.
While full details remain confidential until a further announcement next month, the agreement will create permanent maritime boundaries and revised resource-sharing arrangements in the yet-to-be-developed Greater Sunrise oil and gas field. This is a major step forward for the resolution of the long-running dispute between two neighbours.
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