Talks on Timor oil soon: UN

Sat, 01 Jul 2000, 00:00 WIB | Source: AFP

UNITED NATIONS (AFP): Talks on sharing oil and gas reserves in
the Timor Sea between East Timor and Australia should open soon
and wind up before the territory gains formal independence from
Indonesia, the UN said Thursday.

East Timor's resistance leaders are keen to renegotiate the
Timor Gap treaty between Australia and Indonesia to share the
spoils of the petroleum rich sea.

Sergio Vieira de Mello, the UN's administrator in East Timor
said he was confident talks could start soon on what is a vital
resource for the territory as it tries to rebuild its shattered
economy.

"I'm confident that the negotiations can start soon and be
successful before independence takes place," he said.
De Mello said on Wednesday that he believed East Timor could
advance to full independence from Indonesia by late 2001.

The 1989 Timor Gap treaty gave Australia and Indonesia
exploration rights over the narrow strip of sea between the two
countries.

Any new deal would give East Timor crucial fiscal gains.

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