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It is understood that in a special side deal, Australia has agreed to two sets of payments to East Timor. The first involves $US1 million for each year the Sunrise development remains on the books but does not reach production while the second involves Australia paying $US10 million for each year the project is in production.
The Greater Sunrise reserves are estimated to contain at least 8.4 trillion cubic feet of gas, which would give the project a life of 25 years.
Under terms of the Timor Treaty, Timor is entitled to 90% of government revenue from the joint zone of cooperation. However, the small nation is entitled to only 20% of the much larger Sunrise field.
