Word: laminaria
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...changing. In February, operator ConocoPhillips reported a regular flow of "wet gas" from the JPDA's Bayu-Undan field, which is expected to bring East Timor $100 million a year for 20 years. But outside the current boundaries, Australia is issuing new exploration licenses and receiving revenue from the Laminaria fields. "Australia is continuing to take oil from the area in dispute at a rate of $1 million a day," says Peter Galbraith, a former U.S. diplomat who leads Dili's negotiators. "Because Australia is depleting the resource, the negotiations are a matter of great urgency." Moreover, discussions...
...TIMOR: You know that is only a temporary agreement and that we've always claimed petroleum fields that are much closer to East Timor than Australia. A permanent boundary along the median line would place the JPDA entirely on our side. As well, we are fully entitled to the Laminaria and Greater Sunrise areas under international...
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