East Timor and Australia are getting closer to an agreement on developing the giant Greater Sunrise offshore gas fields.

This comes as the two nations reached an agreement for a treaty that for the first time establishes a maritime boundary in the Timor Sea, although it leaves a 50-year window for negotiating the exact location.  But it also sets a framework for assigning the share of revenue from the offshore gas field, which is believed to hold 144 billion cubic meters of gas and 226 million barrels of condensates. 

Some analysts have estimated the value at AU$56 Million, although it would take at least a decade to commence development.  Under the agreement, East Timor could receive up to 80 percent of revenue.