Timor Sea Joint Petroleum Development Area: Production Sharing Contracts Atop a Fragile Maritime Boundary
Published 2015-09-16
Keywords
- resource exploration,
- offshore oil platforms,
- Timor Sea Joint Petroleum Development Area,
- Seabed Boundaries in the Area of the Timor and Arafura Seas Agreement 1972,
- Timor Gap
- Timor Gap Treaty 1989,
- continental shelf,
- Timor Sea Treaty 2002,
- Greater Sunrise Gas Field,
- Interim Petroleum Mining Code 2003,
- Petroleum Mining Code 2005,
- Production Sharing Contract,
- maritime arbitration,
- force majeure clause,
- frustration ...More
Abstract
This paper contains the slides for Thompson's presentation on resource exploration in the Timor Sea Joint Petroleum Development Area. Thompson discusses the history of agreements between Australia, Indonesia and Timor about the Timor Sea/Timor Gap, ongoing uncertainties as to the applicable law and enforcement, the question of who owns the resources in the area, what law applies to the exploration and extraction of resources in the area, and whether structuring can impact the applicable law. Thompson also highlights some significant recent developments in arbitration and the international legal sphere, and the difficulties faced by fossil fuel companies operating in the area.