East Timor and Australia have reached an agreement for a treaty on their disputed maritime border and on a “pathway” to develop the giant Greater Sunrise offshore gas field, a statement from an arbitration court said.

The share of revenue from the $50 billion offshore gas field will differ depending on downstream benefits that arise from “different development concepts for the Greater Sunrise gas field”, the statement said.

Dili had taken the long-running maritime border dispute to the Permanent Court of Arbitration, which ordered compulsory arbitration between the two parties.

Reuters