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.

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