East Timor Oil Crisis Synopsis

<Tab/>Synopsis<Tab/> The Story So Far: *<Tab/>In the 16th century the island of Timor was owned in the west by the Netherlands and in the east by Portugal. When Indonesia became independent, the western half of Timor became part of Indonesia. *<Tab/>In 1971-72, Indonesia and Australia began negotiations, concerning the maritime seabed boundaries. The result was …

…Approximately 1 trillion is extracted per year *<Tab/>East Timor's total budget is $100 million *<Tab/>Australia's Sports Budget is $100 million *<Tab/>The median line between East Timor and Australia would leave Australia with almost no oil or gas *<Tab/>The joint Development Zone is based upon protruding points along East Timor's coastline, but it should be based upon its borders