The dispute over the Timor Sea concerns lucrative oil fields estimated to hold 9tn cubic feet of gas and 300m barrels of condensate and liquefied petroleum gas worth about $53bn. José Ramos-Horta calls on Australia to abandon 'unsubstantiated' claim in Timor Sea Read moreDetails of the deal remain confidential while Australia and Timor-Leste formalise the agreement and address “remaining issues and points of detail”, the statement said. This commenced a fresh round of negotiations for a permanent maritime boundary in which Timor-Leste dropped espionage claims in the permanent court of arbitration as a “confidence-building measure”. The foreign affairs minister, Julie Bishop, hailed the breakthrough as a “landmark day in the relationship” between Timor-Leste and Australia. “The maritime boundary dispute has strained our bilateral relations and has gone on too long.

Source: The Guardian September 03, 2017 00:33 UTC