The CMATS Treaty requires ratification of the framework of the Greater Sunrise agreement, with the revenues divided 50-50.
As in 2003, Australia played hardball to get Timor-Leste to sign the CMATS Treaty, delaying approval of laws necessary for a bidding round on new oil exploration contracts in a joint development area until Timor-Leste had signed CMATS.
Under CMATS, Timor-Leste and Australia will each receive half of "upstream" revenues from extracting and selling Greater Sunrise oil and gas at the wellhead.
Australian Foreign Minister Alexander Downer frequently trumpets Australian generosity to Timor-Leste, saying that CMATS "represents an opportunity to further underpin the income and development of one of Australia's closest neighbors.
When CMATS was signed, Timorese negotiator Manuel de Lemos explained, "The big picture shows that Australia stands to gain substantially from the development of the Timor Sea in general and from the downstream processing in Darwin.
Multinational Monitor: What is Australia's reaction to the CMATS agreement with East Timor?
Australian Department of Foreign Affairs and Trade: CMATS Treaty reflects a commitment by both governments to strengthen the relationship between our two nations, and on behalf of Australia, to promote the development and economic prosperity of one of our closest neighbors.