Word: petroleum
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...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 on the division of petroleum taxes from the $25 billion Greater Sunrise project-also in the disputed area-have stalled...
...East Timor is pressing for a maritime boundary equidistant between the countries. Current arrangements for sharing a sea zone known as the Joint Petroleum Development Area-which give 90% of taxes and royalties to East Timor-bring it about $4 billion. Over the coming decades, an extra $8 billion could go to Dili if it can capture the oil and gas fields to the east and west of the JPDA. But first it must persuade Australia, and then the Indonesians (who occupied the territory between 1975-99), with whom sea-boundary talks are imminent. "The petroleum resources are utterly essential...
...nautical mi. (370 km) from their coast. "When countries have overlapping claims," says Nuno Antunes, East Timor's legal adviser, "the best settlement is to be found in international law." Citing 75 precedents, he says equidistance is the key principle. But a median line would put all the petroleum reserves on Timor's side. Australia argues that the contours of the seabed are unique. "We have successfully established that the natural promulgation of the continent extends to the Timor Trough," says an Australian official involved in the talks last month in Dili. In Canberra's view, that trough should...
...tiny country, where life expectancy is just 57 years, is still on economic life-support. Aid group Oxfam last week warned it would become a failed state unless it could negotiate a bigger share of petroleum revenues. Prime Minister Mari Alkatiri says his country intends to save most of the oil income for future generations and will not follow the example of resource-rich neighbors that have squandered their wealth or been strangled by corruption: "Without a strong institutional footing, high levels of public investment would be dangerous." Idleness will not be tolerated either, he says. "We need to push...
...board at Shell knew it needed to do something, and fast. A shocking revelation in January--that the world's third largest oil company had overstated its proven petroleum reserves by 20%--was pummeling its stock price and angering shareholders. Regulators on two continents had started investigations. So in early March the board acted, ousting Philip Watts, who had been managing director of the Anglo-Dutch company for almost seven years and chairman since 2001, and replacing him with Jeroen van der Veer, president of Shell's Dutch sister company, Royal Dutch Petroleum. A quick cure for all those headaches...