Australia, East Timor Settle Long-Running Border Dispute
East Timor and Australia have agreed on a maritime boundary for the first time. The historic deal ends a decade-long dispute between the neighbors over rights to rich oil and gas reserves in the Timor Sea. The agreement was signed at the U.N. headquarters in New York, after negotiations in the international court of arbitration. The treaty will give East Timor, one of the world's poorest countries, the majority of any future oil and gas revenue in the Timor Sea. In 2002, East Timor, also known as Timor Leste, gained independence from Indonesia, but no permanent maritime boundary was established with Australia. Disagreements over rights to oil and gas reserves have festered ever since. The new deal means the East Timorese will receive at least 70 percent of revenue from Greater Sunrise. It is the largest oil field in the Timor Sea — worth an estimated $40 billion — but it...
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