East Timor Deal Signed

Member for Lingiari and Shadow Parliamentary Secretary for Northern Australia and
Indigenous Affairs Warren Snowdon today welcomed the announcement that East
Timor's Parliament had agreed to ratify an agreement with Australia over managing
oil and gas resources in the Greater Sunrise field in the Timor Sea.

Mr Snowdon said the ratification clearly opened the way for the big investors to start
developing the field.

'This is good news for both Timor and Australia,' he said.

'It could deliver $10 billion to East Timor over the next 20 years and that will mean a
great deal to the East Timorese economy.

'Obviously there are things to be worked out before the gas starts moving, not least of
which is realising the dream of piping the gas on-shore, but I'd hope the developers
put their shoulders to the wheel to get the gas moving quickly.

'This deal is about neighbours working together as equals, as I understand we're
talking about a 50-50 share between East Timor and Australia.

'All in all, it looks like a boost for the region and the benefits should flow throughout
Northern Australia.

'There will clearly be jobs both on-shore and off-shore and there has to be room for us
to play our part in this development.

'But let's not lose sight of what this means for East Timor.

'Having a guaranteed income for the near future will not only help its government deal
with a backlog of domestic spending.

'It will also give East Timor a stake in the region,' Mr Snowdon said.

2007-02-21