September 02, 2017 - 3:24 AM
THE HAGUE, Netherlands - An international arbitration panel says Australia and East Timor have reached an agreement on key elements of a maritime boundary and revenue sharing from a natural gas field beneath the seabed between the two countries.
The Permanent Court of Arbitration, which has been leading talks between the two nations, said in a statement early Saturday that they will now work to formalize a deal.
Details of the accord weren't immediately released, but the court says in a statement that it "addresses the legal status of the Greater Sunrise gas field" and establishes "a pathway to the development of the resource, and the sharing of the resulting revenue."
The dispute over the maritime boundary and revenue sharing has long soured relations between East Timor and Australia.
News from © The Associated Press, 2017