The Timor Gap Agreement: A Deep Dive into the Historic Oil and Gas Treaty
The Timor Gap Agreement is a historic treaty that was signed in 1989 between the governments of Australia and Indonesia. The treaty is centered around the Timor Sea, which lies between the two countries, and its vast oil and gas resources.
The Timor Gap Agreement was signed during a period of strained relations between Australia and Indonesia. Indonesia had annexed East Timor in 1975, which was a former Portuguese colony. However, Australia did not recognize Indonesia`s annexation of East Timor and took a strong stance against it.
Despite the political tensions, the two countries came together to negotiate the Timor Gap Agreement. The treaty established a joint development zone in the Timor Sea, where both countries could explore and exploit the oil and gas reserves.
The Timor Gap Agreement has been a major source of income for both countries, with billions of dollars generated from oil and gas revenues. However, the treaty has also been the subject of controversy and criticism.
One of the main criticisms of the Timor Gap Agreement is that it has been unfair to East Timor, which became an independent nation in 2002. The treaty allowed Indonesia to claim a larger share of the resources in the Timor Sea, as it had control over East Timor at the time. This resulted in East Timor receiving a smaller share of the revenues.
Another controversy surrounding the Timor Gap Agreement is the dispute over maritime boundaries between Australia and East Timor. In 2018, the two countries signed a treaty to establish permanent maritime boundaries. This resulted in East Timor receiving a larger share of the oil and gas resources in the Timor Sea.
The Timor Gap Agreement has been a significant treaty in the history of Australia and Indonesia`s relations. It has been a major source of income for both countries, but it has also been criticized for its treatment of East Timor and disputes over maritime boundaries.
In conclusion, the Timor Gap Agreement is a historic treaty that has had a significant impact on the region`s economy and politics. While it has its controversies, it remains an important legacy in the relationship between Australia, Indonesia, and East Timor.