Tue, 08 Mar 2005
From:

Australia, East Timor resume oil and gas talks

Associated Press, Canberra

Australia and East Timor resumed talks on Monday on how to carve up billions of dollars worth of oil and gas under the seabed that divides one of the Asia-Pacific's richest nations from one of the region's poorest.

Three days of talks got under way in the Australian capital, Canberra, five months after the acrimonious collapse of the last round of negotiations.

At stake is an estimated US$30 billion in seabed oil and gas royalties.

The negotiations are the third round in a bitter dispute over where to draw the Timor Sea maritime boundary between the two neighbors -- a line that ultimately will decide how much of the revenue each nation gets.

East Timor wants the border in the middle of the 600 kilometers of sea separating the two.

However, Australia wants the same boundary it agreed with Indonesia, which occupied East Timor from 1975-1999. In some places, that boundary is just 150 kilometers from East Timor's coast.

Australian officials said last month the latest talks will seek a "creative solution" that would enable the $5 billion Greater Sunrise gas field -- the largest in the Timor Sea -- to be tapped without the permanent boundary question being settled.

Woodside Petroleum Ltd., one of the companies hoping to pump oil and gas out of the region, shelved the Greater Sunrise project last year because Australia and East Timor had failed to broker a revenue-sharing deal.

Australia insists that any solution must provide Woodside and its partners with legal certainty to proceed and must postpone any agreement on a permanent maritime boundary for at least 50 years, the official said.

Postponing the boundary agreement is aimed at ensuring that the agreement remains in place until the seabed energy reserves are exhausted.

The East Timorese got support Monday from a delegation including a Catholic bishop and the leader of Australia's Greens political party Sen. Bob Brown, which said it wanted to take part in the talks to ensure the tiny half-island nation is treated fairly.

"The majority of Australians want our government to offer a fair deal that reflects East Timor's rightful entitlement under current international law," Bishop Hilton Deakin said in a statement.





News Search/Filter
Transaction Rates
23 Oct 18
Buy
Sell
AED1
4,145.72
4,145.72
AFN1
200.63
200.63
ALL1
139.96
139.96
AMD1
31.42
31.42
ANG1
8,580.91
8,580.91
AOA1
50.01
50.01
ARS1
417.74
417.74
AUD1
10,769.32
10,769.32
AWG1
8,460.00
8,460.00
AZN1
8,944.48
8,944.48
BAM1
8,957.25
8,957.25
BBD1
7,613.99
7,613.99
BDT1
180.10
180.10
BGN1
8,919.09
8,919.09
BHD1
40,384.05
40,384.05
BIF1
8.50
8.50
BMD1
15,227.98
15,227.98
BND1
10,798.19
10,798.19
BOB1
2,203.42
2,203.42
BRL1
4,131.63
4,131.63
BSD1
15,227.98
15,227.98
BTC1
97,615,974
97,615,974
BTN1
207.29
207.29
BWP1
1,429.78
1,429.78
BYN1
7,258.08
7,258.08
BZD1
7,577.37
7,577.37
CAD1
11,625.05
11,625.05
CDF1
9.36
9.36
CHF1
15,286.35
15,286.35
CLF1
607,951.93
607,951.93
CLP1
22.31
22.31
CNH1
2,193.00
2,193.00
CNY1
2,191.86
2,191.86
COP1
4.93
4.93
CRC1
25.68
25.68
CUC1
15,227.98
15,227.98
CUP1
591.37
591.37
CVE1
157.80
157.80
CZK1
676.18
676.18
DJF1
85.55
85.55
DKK1
2,340.04
2,340.04
DOP1
304.50
304.50
DZD1
128.24
128.24
EGP1
850.29
850.29
ERN1
1,015.34
1,015.34
ETB1
546.12
546.12
EUR1
17,458.47
17,458.47
FJD1
7,076.17
7,076.17
FKP1
19,743.54
19,743.54
GBP1
19,743.54
19,743.54
GEL1
6,223.14
6,223.14
GGP1
19,743.54
19,743.54
GHS1
3,147.29
3,147.29
GIP1
19,743.54
19,743.54
GMD1
308.25
308.25
GNF1
1.67
1.67
GTQ1
1,962.77
1,962.77
GYD1
72.85
72.85
HKD1
1,942.43
1,942.43
HNL1
631.92
631.92
HRK1
2,348.98
2,348.98
HTG1
213.58
213.58
HUF1
54.07
54.07
IDR1
1.00
1.00
ILS1
4,158.11
4,158.11
IMP1
19,743.54
19,743.54
INR1
206.61
206.61
IQD1
12.77
12.77
IRR1
0.35
0.35
ISK1
128.95
128.95
JEP1
19,743.54
19,743.54
JMD1
116.77
116.77
JOD1
21,462.97
21,462.97
JPY1
135.04
135.04
KES1
150.62
150.62
KGS1
222.19
222.19
KHR1
3.73
3.73
KMF1
35.46
35.46
KPW1
16.91
16.91
KRW1
13.44
13.44
KWD1
50,192.58
50,192.58
KYD1
18,275.51
18,275.51
KZT1
41.76
41.76
LAK1
1.78
1.78
LBP1
10.06
10.06
LKR1
88.23
88.23
LRD1
96.90
96.90
LSL1
1,063.21
1,063.21
LYD1
11,016.27
11,016.27
MAD1
1,603.85
1,603.85
MDL1
893.87
893.87
MGA1
4.34
4.34
MKD1
284.05
284.05
MMK1
9.61
9.61
MNT1
6.11
6.11
MOP1
1,886.25
1,886.25
MRO1
42.65
42.65
MRU1
422.99
422.99
MUR1
440.66
440.66
MVR1
985.62
985.62
MWK1
20.94
20.94
MXN1
784.65
784.65
MYR1
3,661.01
3,661.01
MZN1
251.22
251.22
NAD1
1,063.02
1,063.02
NGN1
41.88
41.88
NIO1
474.11
474.11
NOK1
1,845.05
1,845.05
NPR1
129.56
129.56
NZD1
9,980.41
9,980.41
OMR1
39,554.22
39,554.22
PAB1
15,227.98
15,227.98
PEN1
4,567.45
4,567.45
PGK1
4,545.21
4,545.21
PHP1
282.80
282.80
PKR1
114.54
114.54
PLN1
4,066.76
4,066.76
PYG1
2.54
2.54
QAR1
4,182.26
4,182.26
RON1
3,741.80
3,741.80
RSD1
147.38
147.38
RUB1
233.56
233.56
RWF1
17.29
17.29
SAR1
4,058.46
4,058.46
SBD1
1,917.81
1,917.81
SCR1
1,118.88
1,118.88
SDG1
323.16
323.16
SEK1
1,691.99
1,691.99
SGD1
11,031.81
11,031.81
SHP1
19,743.54
19,743.54
SLL1
1.81
1.81
SOS1
26.29
26.29
SRD1
2,041.83
2,041.83
SSP1
116.90
116.90
STD1
0.72
0.72
STN1
710.42
710.42
SVC1
1,740.55
1,740.55
SYP1
29.56
29.56
SZL1
1,063.83
1,063.83
THB1
464.01
464.01
TJS1
1,616.13
1,616.13
TMT1
4,338.48
4,338.48
TND1
5,326.13
5,326.13
TOP1
6,603.94
6,603.94
TRY1
2,687.17
2,687.17
TTD1
2,259.50
2,259.50
TWD1
493.45
493.45
TZS1
6.64
6.64
UAH1
542.20
542.20
UGX1
4.05
4.05
USD1
15,227.98
15,227.98
UYU1
462.89
462.89
UZS1
1.85
1.85
VEF1
0.06
0.06
VND1
0.65
0.65
VUV1
136.99
136.99
WST1
5,812.92
5,812.92
XAF1
26.61
26.61
XAG1
221,787.48
221,787.48
XAU1
18,613,381.89
18,613,381.89
XCD1
5,634.67
5,634.67
XDR1
21,237.22
21,237.22
XOF1
26.61
26.61
XPD1
17,082,642.49
17,082,642.49
XPF1
146.30
146.30
XPT1
12,509,636.07
12,509,636.07
YER1
60.82
60.82
ZAR1
1,062.66
1,062.66
ZMW1
1,301.70
1,301.70
ZWL1
47.23
47.23
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services