Australia and East Timor have signed a treaty redrawing their maritime boundary, ending a decade-long dispute between the countries and unlocking tens of billions of dollars in oil and gas reserves in the Timor Sea.
The treaty signing in New York marked the first conciliation under the United Nations Convention on the Law of the Sea — a process officials hope could offer other countries a path towards resolving contentious maritime boundary disputes.
“The treaty is a historic agreement that opens a new chapter in our bilateral relationship,” said Julie Bishop, Australia’s foreign minister. “It establishes permanent maritime boundaries between our countries and provides for the joint development and management of the Greater Sunrise gasfields.”