Australian Tax Treaties

Timor-Leste (Timor Sea Maritime Boundaries Treaty)  

TREATY BETWEEN AUSTRALIA AND THE DEMOCRATIC REPUBLIC OF TIMOR-LESTE ESTABLISHING THEIR MARITIME BOUNDARIES IN THE TIMOR SEA  

Annex B Greater Sunrise Special Regime  

ARTICLE 2   Title to Petroleum and Revenue Sharing  

1    
Australia and Timor-Leste shall have title to all Petroleum produced in the Greater Sunrise Fields.

2    
The Parties shall share upstream revenue, meaning revenue derived directly from the upstream exploitation of Petroleum produced in the Greater Sunrise Fields:

(a)    in the ratio of 30 per cent to Australia and 70 per cent to Timor-Leste in the event that the Greater Sunrise Fields are developed by means of a Pipeline to Timor-Leste; or

(b)    in the ratio of 20 per cent to Australia and 80 per cent to Timor-Leste in the event that the Greater Sunrise Fields are developed by means of a Pipeline to Australia.

3    
For the purposes of this Annex, upstream revenue is limited to first tranche petroleum, profit petroleum and taxation in accordance with Article 3 of this Annex.