Australia and East Timor have agreed on how to divide billions of dollars in revenue from undersea oil and gas deposits but have yet to settle a related border dispute, Australia's foreign minister said Friday. Alexander Downer told reporters on Friday that the two sides had reached "substantial agreement on all major issues" during talks in East Timor's capital, Dili, this week. "The key elements have been incorporated into a draft text," Downer said. "There are still some minor issues to be agreed but all the major issues have been agreed." Under the deal, East Timor will receive up to A$5 billion (US$3.9 billion; ¤3 billion) of the projected US$30 billion (¤23.25 billion) in revenue from oil and gas reserves in the Timor Sea, Downer said. That comes on top of a 90 percent share in revenue East Timor will receive under a previous deal covering part of the Timor Sea known as a joint development area.
