Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO
Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPOView Video
Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant
Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plantView Video

Latest Share Chat

East Timor appeals to Australian public in border dispute

Tue, 17th Nov 2015 06:39

By Rodney Joyce

SINGAPORE, Nov 17 (Reuters) - East Timor is seekingAustralian public support to try to persuade Canberra to settlea longstanding maritime border dispute over the oil and gas richwaters that lie between the two countries, a senior ministertold Reuters.

Development Minister Xanana Gusmao - a former rebel leaderand president of the impoverished, tiny state - told Reutersthat East Timor would appeal to Australians' sense of fair playto push their government into meaningful talks.

"If we go to the media and if we raise awareness, it is notbecause we want people to be against Australia but just to say'oh yes, it is unfair'," Gusmao told Reuters in an interview.

The Timorese struggle for independence from Indonesia was acelebrated cause for Australian activists and Gusmao hopes towin their sympathy, along with support from Australian soldierswho had served as peacekeepers there.

East Timor has sought for years to renegotiate a treatygoverning oil and gas revenue sharing arrangements that wassigned with Australia soon after it gained statehood in 2002.

"From the beginning we asked Canberra to talk. They wouldn'twant to blow up all of these issues. We are neighbours, we haveproblems, we sit down, we talk - but nothing," Gusmao said.

East Timor argues the sea border, undefined since it was aPortuguese colony, should fall halfway between it and Australia- which it says would put several oil and gas fields in itsterritory.

Under the treaty, East Timor shares revenues from thesefields - from a mooted half share of the as-yet undevelopedGreater Sunrise fields to 90 percent of the currently producingBayu-Undan and Kitan fields.

Allegations that Australian spied on Timorese negotiatorsfueled controversy over the treaty. The issue was taken to theInternational Court of Justice before the two sides settled.

But, East Timor is still pursuing international arbitrationover both the maritime border dispute and a tax case involving apipeline from the existing fields to Australia.

Australia warns that defining the border the way East Timorwants may prompt Indonesia to also seek to shift its sea border- and thus gain ownership of disputed oil fields.

An Australian government map shows most of the GreaterSunrise fields in its waters, but with a warning they could beclaimed by Indonesia if the border moves. East Timor's map showsthe fields within its claimed share of the Timor Sea.

Greater Sunrise is 33 percent owned by Woodside, theoperator. Its co-owners are ConocoPhilips, Royal DutchShell and Japan's Osaka Gas Co Ltd.

Greater Sunrise contains an estimated 5.1 trillion cubicfeet of gas and 226 million barrels of condensate, although theborder dispute, and low gas prices, means development is onhold. (Reporting by Rodney Joyce; Editing by Simon Cameron-Moore)

Related Shares

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, par...

7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating th...

31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.