Australia and Timor-Leste sign historic maritime border treaty

Australia and Timor-Leste have signed a maritime boundary treaty settling the border dispute between the countries.

The agreement defines the border and formalises the governance structure and tax sharing arrangement between the two countries, and removes several hurdles for the Sunrise and Buffalo projects. However, before either project can be sanctioned, each must agree to production sharing contract (PSC) terms, finalise the development concepts and complete engineering studies.