In a press release dated 26 December 2017, Permanent Court of Arbitration on behalf of the Conciliation Commission conducting arbitration into the defining of a maritime boundary between Timor Leste and Australia, said that the two countries and the Greater Sunrise Joint Venture (GSJV) had agreed the signature of a maritime boundary treaty in early March 2018.
On 30 August 2017, the governments of Timor Leste and Australia reached agreement on a Comprehensive Package Agreement regarding maritime boundaries in the Timor Sea. This agreement was formalised into a draft treaty and initialled by each government in October 2017 in The Hague.
In broad terms, the draft treaty delimits the maritime boundary between Timor Leste and Australia in the Timor Sea and establishes a Special Regime for the area comprising the Greater Sunrise Complex (GSC). The draft treaty also establishes revenue sharing arrangements where the shares of upstream revenue allocated to each country will differ depending on downstream benefits associated with the different development concepts for the GSC.
The GSJV operates the GSC which currently straddles the Australia and Joint Petroleum Development Area (JPDA) boundary in the ratio 79.9:20.1 in favour of Australia. The GSC includes the Sunrise, Sunset and Troubadour Fields. Sunrise was discovered in 1974 which means the discovery and associated fields have been stranded for some 40 years. In 2010, the GSC total contingent resource was independently certified to be 5.13 trillion cubic feet of dry gas and 225.9 million barrels of condensate. The GSC joint venture comprises: Woodside (operator 33.44%), ConocoPhillips (30%), Shell (26.56%), and Osaka Gas (10%).
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