That East Timor and Australia have reached a new agreement on exploitation of the Greater Sunrise oil and gas fields, which lie in disputed waters, is due in part to the growing influence China exerts in the region, the Asia Times reports.
The online publication says the reserves in the Greater Sunrise oil and gas fields are estimated to be worth over US$31 billion.
East Timor has been demanding a greater share of the revenue from the Greater Sunrise fields.
The report says the contents of the new agreement between East Timor and Australia are due to be published this month.
In the process of arriving at a settlement, Chinese influence was a counterweight to Australian and Indonesian influence, the Asia Times says.
