An Australian Government release said the Treaty would provide the basis for the development of the major oil and gas deposits in the Timor Sea between Australia and East Timor, generating major export revenues and jobs for both countries.
It said the Treaty was the fundamental document underpinning that development in the area of seabed referred to in the Treaty as the Joint Petroleum Development Area (JPDA).
Immediately after the exchange of Notes, the first meeting of the Joint Commission established by the Treaty was held in Dili and the Designated Authority for the JPDA was established. The Designated Authority will have two offices located in Dili and Darwin.
The JPDA will be jointly managed by Australia and East Timor for the benefit of both countries with a Joint Ministerial Council overseeing that management.
