Timor Sea Treaty
The Timor Sea Treaty, which was signed on the 20 May 2002, led to the establishment of the Timor Sea Designated Authority (TSDA). This organisation is responsible for the administration of all petroleum-related activities in a part of the Timor Sea known as the Joint Petroleum Development Area (JPDA). The treaty was ratified in February 2007.
Under the terms of the treaty, royalties on petroleum production in the JPDA are split in a 90:10 ratio between East Timor and Australia. It has been criticised because the treaty did not finalise the maritime boundary between East Timor and Australia.
Read more about this topic: Timor Sea
Famous quotes containing the words sea and/or treaty:
“Now I am powerless
to draw back
for the sea is cyclamen-purple,
cyclamen-red, colour of the last grapes,
colour of the purple of the flowers,
cyclamen-coloured and dark.”
—Hilda Doolittle (1886–1961)
“He was then in his fifty-fourth year, when even in the case of poets reason and passion begin to discuss a peace treaty and usually conclude it not very long afterwards.”
—G.C. (Georg Christoph)