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 D Transitional Provisions  

ARTICLE 1   Obligations under Previous Agreements  

1    
Pursuant to the terms of Article 22 of the Timor Sea Treaty and Article 27 of the International Unitisation Agreement, the Parties agree that any Petroleum Activities entered into under the terms of the Timor Sea Treaty or the International Unitisation Agreement shall continue under conditions or terms equivalent to those in place under those agreements as applicable.

2    
Paragraph 1 of this Article shall apply to those Petroleum Activities undertaken or still to be undertaken pursuant to the terms of the following Production Sharing Contracts and/or licences:

(a)    Production Sharing Contract JPDA 03-12;

(b)    Production Sharing Contract JPDA 03-13;

(c)    Production Sharing Contract JPDA 03-19;

(d)    Production Sharing Contract JPDA 03-20;

(e)    Production Sharing Contract JPDA 06-105;

(f)    Production Sharing Contract JPDA 11-106;

(g)    Retention Lease NT/RL2; and

(h)    Retention Lease NT/RL4.

3    
From the date of entry into force of this Treaty, the Parties agree that Timor-Leste shall receive all future upstream revenue derived from Petroleum Activities from the Bayu-Undan Gas Field and Kitan Oil Field.