OIL

Timor Sea boundary negotations round ends - more talks to come

THE latest round of negotiations between Australia and Timor-Leste on where to set maritime boundaries and how to divide billions of dollars in revenues from sea bed oil and gas ended Wednesday with an agreement to hold more talks soon.

Timor Sea boundary negotations round ends - more talks to come

Timor-Leste's head negotiator and secretary of state for investment and environment, Jose Teixeira, declined to comment on how the three-day round in Canberra had progressed. But he said the two government had agreed to further talks soon.

Given that negotiations broke down acrimoniously last October, with each side accusing the other of derailing a solution to the dispute, the agreement to continue talks on how to share Timor Sea petroleum seems to be a positive development.

Australian officials said before the most recent talks that they would seek a "creative solution" that would enable the multi billion dollar Greater Sunrise gas field to be tapped without the permanent boundary question being settled.

Woodside Petroleum shelved the Greater Sunrise project last year because the two countries had failed to broker a revenue-sharing deal.

Australia has warned that if Timor-Leste wants to first settle the boundary, the negotiations could drag on for decades.

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