Australia and East Timor will sign an agreement Thursday on a ASD 50 billion project to develop oil and gas reserves in the Timor Sea, Australian Foreign Minister Alexander Downer said. Australia says 80% of Greater Sunrise lies in its waters and the remaining 20% in the Joint Petroleum Development Area (JPDA) shared with East Timor, which has disputed the boundaries. ConocoPhillips plans to build a pipeline from its Bayu-Undan gas field in the Timor Sea to a facility in Australia’s northern city of Darwin that will supply two Japanese companies with liquefied natural gas (LNG). Under its contract with Tokyo Electric Power Co. and Tokyo Gas Co., ConocoPhillips will deliver 3 million tons of LNG a year for 17 years beginning in 2006 if the Timor Sea Treaty is ratified by next Tuesday.
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