Timor Sea Treaty Ratified by Australian Senate
The Australian senate ratified the Timor Sea Treaty on Thursday. The ratification of the treaty coincides with the signing of the International Unitization Agreement between East Timor and Australia. Both agreements will lead to approximately A$50 billion in oil and gas developments such as Bayu Undan and Greater Sunrise. Under the terms of the agreement participation in the Joint Petroleum Development Area will be split 90:10 in East Timor's favor.
Before being passed the treaty underwent serious debate in Australia's parliament. Two political parties, the Greens and the Australian Democrats, opposed the treaty saying that Australia treated East Timor unfairly and unethically.