The Minister for Resources and Energy, Martin Ferguson AM MP, has welcomed the inaugural meeting of the Sunrise Commission held today in Perth. The Sunrise Commission has been established in accordance with the International Unitisation Agreement (IUA) between Australia and East Timor to facilitate the development of the Greater Sunrise gas fields in the Timor Sea as a single entity.
The Commission's role will include advising the Australian and Joint Petroleum Development Area (JPDA) regulators in their assessment of a development plan for the project.
Minister Ferguson said: "The formation of the Commission is an important step in co-ordinating the two regulatory frameworks that will govern development of the Greater Sunrise gas and condensate fields.
"It will also provide the Joint Venture Partners with greater regulatory certainty and confidence in moving forward with development plans.
"Greater Sunrise is a world-class, liquids-rich gas province with estimated reserves of over 5 trillion cubic feet of gas and 240 million barrels of condensate.
"Development of Greater Sunrise will provide significant revenue to East Timor and Australia as well as other economic benefits.
"The first meeting of the Sunrise Commission demonstrates our commitment to work together to develop the Greater Sunrise gas fields for the benefit of our two nations.
"It also signifies a continuation of the deepening relationship between Australia and East Timor.
"The formation of the Commission was flagged during a recent visit to Australia by East Timor's Prime Minister Xanana Gusmao and I am pleased that the first meeting has been held.
"It bodes well for the development of the Greater Sunrise gas fields and both our countries."