Category
International relations
The current treaty arrangements between Australia and Timor-Leste have been hugely beneficial to Timor-Leste and have supported the accumulation of a $16 billion sovereign wealth fund.
Revenues from the Point Petroleum Development Area are split 90 percent to Timor-Leste and 10 percent to Australia. Despite these beneficial treaty arrangements, on 11 April 2016, Timor-Leste requested a Conciliation Commission under the UN Convention on the Law of the Sea (UNCLOS) to conciliate differences between Australia and Timor-Leste on maritime boundaries in the Timor Sea.
- Media release: Timor Sea Concilliation
Last Updated: 26 September 2016