EAST TIMOR
June 1st, 2002
BY MARK ROWE
NEWLY independent East Timor has signed a treaty with Australia dividing Timor Sea oil and gas revenues. The Timor Sea Treaty awards East Timor 90 per cent of the profits from oil and gas developments in a designated joint production area, guaranteeing the country US$5 billion in earnings over the next 17 years.
NEWLY independent East Timor has signed a treaty with Australia dividing Timor Sea oil and gas revenues. The Timor Sea Treaty awards East Timor 90 per cent of the profits from oil and gas developments in a designated joint production area, guaranteeing the country US$5 billion in earnings over the next 17 years.
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