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Top level negotiations on Timor Sea resources get under way today

Top level negotiations to save billions of dollars of potential investment in Timor Sea resources get under way in Australia today.

The secret talks have been moved from Darwin to Brisbane to avoid publicity.

As Graeme Dobell reports Australia says it now must negotiate a completely new treaty on sharing the resources of the Timor Sea.

Gas and methonal projects in the Timor Gap are at risk because of mounting doubts about a new treaty to replace the resource sharing treaty signed with Indonesia. The uncetainty is threatening plans for a 500 kilometre pipeline to carry gas from the Timor Sea fields to Darwin. Gas field operators have set July the 31st as a deadline for a decision on the pipeline and are demanding details of a new treaty. The Foreign Minister's office in Canberra says Australia wants to achieve the new treaty as soon as possible, but there'll have to be goodwill and compromise from the East Timor side. Australia has increased its revenue offer for East Timor from 60 percent to 85 percent.

2/05/01 16:36:50 | ABC Radio Australia News

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