Australia has reached agreement with East Timor on a long-running dispute over oil and gas fields in the Timor Sea.
The Permanent Court of Arbitration has announced the parties reached an agreement on Wednesday following conciliation proceedings in Copenhagen but details will remain confidential until a number of remaining issues are resolved.
The agreement addressed the legal status of the Greater Sunrise gas field, the establishment of a Special Regime for Greater Sunrise and a pathway to developing the resource, as well as sharing the revenue, the court said on Saturday.
It comes after East Timor notified Australia in January it wished to tear up a 2006 treaty which split 50-50 future revenue of the Greater Sunrise oil and gas reserves in the Timor Sea.
