Sunrise International Unitization Agreement
Encyclopedia
This agreement is officially known as the Agreement between the Government of Australia
and the Government of the Democratic Republic of Timor-Leste relating to the Unitisation of the Sunrise and Troubadour Fields.
The Sunrise International Unitisation Agreement (Sunrise IUA) was made to enable the exploitation of the Sunrise and Troubador petroleum and gas fields in the Timor Sea
, together known as the Greater Sunrise field, which straddle the border between the joint petroleum development area (JPDA) established under the Timor Sea Treaty
and Australian territorial waters as determined by the 1972 seabed boundary agreement between Australia and Indonesia. Unitisation of the field would enable it to be treated as one as far as exploitation, regulation, revenue taxation, management and others purposes are concerned, giving certainty to investors by providing a financial framework and international legal basis for development of the field.
The agreement deemed 20.1% of the resources of the Greater Sunrise field as lying within the JPDA, attributing 20.1% of production from it to the JPDA and 79.9% to Australia. With East Timor getting 90% of the revenue of the JPDA, it effectively was only going to receive 18.1% of the revenue from the field. This share ratio was amended to both Australia and East Timor getting equal share of the upstream revenue from the field with the signing of the Treaty on Certain Maritime Arrangements in the Timor Sea
(CMATS) in 2006. By virtue of this, this agreement is "read together" with CMATS and the Timor Sea Treaty
.
The Sunrise IUA was signed in Dili
, East Timor
on 6 March 2003 by then Australian Minister for Foreign Affairs Alexander Downer
and Ana Pessoa, East Timor's Minister of State for the Presidency of the Council of Ministers. The agreement came into force on 23 February 2007 by virtue of the coming to force of CMATS on the same day.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and the Government of the Democratic Republic of Timor-Leste relating to the Unitisation of the Sunrise and Troubadour Fields.
The Sunrise International Unitisation Agreement (Sunrise IUA) was made to enable the exploitation of the Sunrise and Troubador petroleum and gas fields in the Timor Sea
Timor Sea
The Timor Sea is a relatively shallow sea bounded to the north by the island of Timor, to the east by the Arafura Sea, to the south by Australia and to the west by the Indian Ocean....
, together known as the Greater Sunrise field, which straddle the border between the joint petroleum development area (JPDA) established under the Timor Sea Treaty
Timor Sea Treaty
Formally known as the Timor Sea Treaty between the Government of East Timor and the Government of Australia was signed between Australia and East Timor in Dili, East Timor on May 20, 2002, the day East Timor attained its independence from United Nations rule, for joint petroleum exploration of the...
and Australian territorial waters as determined by the 1972 seabed boundary agreement between Australia and Indonesia. Unitisation of the field would enable it to be treated as one as far as exploitation, regulation, revenue taxation, management and others purposes are concerned, giving certainty to investors by providing a financial framework and international legal basis for development of the field.
The agreement deemed 20.1% of the resources of the Greater Sunrise field as lying within the JPDA, attributing 20.1% of production from it to the JPDA and 79.9% to Australia. With East Timor getting 90% of the revenue of the JPDA, it effectively was only going to receive 18.1% of the revenue from the field. This share ratio was amended to both Australia and East Timor getting equal share of the upstream revenue from the field with the signing of the Treaty on Certain Maritime Arrangements in the Timor Sea
Treaty on Certain Maritime Arrangements in the Timor Sea
Officially known as the Treaty between Australia and the Democratic Republic of Timor-Leste on Certain Maritime Arrangements in the Timor Sea , the treaty provides for the equal distribution of revenue derived from the disputed Greater Sunrise oil and gas field between Australia and East Timor...
(CMATS) in 2006. By virtue of this, this agreement is "read together" with CMATS and the Timor Sea Treaty
Timor Sea Treaty
Formally known as the Timor Sea Treaty between the Government of East Timor and the Government of Australia was signed between Australia and East Timor in Dili, East Timor on May 20, 2002, the day East Timor attained its independence from United Nations rule, for joint petroleum exploration of the...
.
The Sunrise IUA was signed in Dili
Dili
Dili, spelled Díli in Portuguese, is the capital, largest city, chief port and commercial centre of East Timor.-Geography and Administration:Dili lies on the northern coast of Timor island, the easternmost of the Lesser Sunda Islands....
, East Timor
East Timor
The Democratic Republic of Timor-Leste, commonly known as East Timor , is a state in Southeast Asia. It comprises the eastern half of the island of Timor, the nearby islands of Atauro and Jaco, and Oecusse, an exclave on the northwestern side of the island, within Indonesian West Timor...
on 6 March 2003 by then Australian Minister for Foreign Affairs Alexander Downer
Alexander Downer
Alexander John Gosse Downer is a former Australian Liberal Party politician who was Foreign Minister of Australia from March 1996 to December 2007, the longest-serving in Australian history...
and Ana Pessoa, East Timor's Minister of State for the Presidency of the Council of Ministers. The agreement came into force on 23 February 2007 by virtue of the coming to force of CMATS on the same day.
See also
- Treaty on Certain Maritime Arrangements in the Timor SeaTreaty on Certain Maritime Arrangements in the Timor SeaOfficially known as the Treaty between Australia and the Democratic Republic of Timor-Leste on Certain Maritime Arrangements in the Timor Sea , the treaty provides for the equal distribution of revenue derived from the disputed Greater Sunrise oil and gas field between Australia and East Timor...
(CMATS) - Timor Sea TreatyTimor Sea TreatyFormally known as the Timor Sea Treaty between the Government of East Timor and the Government of Australia was signed between Australia and East Timor in Dili, East Timor on May 20, 2002, the day East Timor attained its independence from United Nations rule, for joint petroleum exploration of the...