Nigel Wilson – A technical argument about what activities may occur between the sea bed and the surface of the joint petroleum development area in the Timor Sea is now believed to be the only hurdle stopping a revenue-sharing agreement between Australia and East Timor.

This assessment, after months of delays, comes as the group responsible for jointly managing a key area of the Timor Sea has released the first petroleum exploration areas since the Timor Sea Treaty came into force two-and-a-half years ago.

Formal signing of a deal that would result in the transfer of $13 billion in revenue between Australia and East Timor won't take place for at least three weeks and possibly not until next month.

Officials on both sides are confident an agreement is close after Australia rejected an East Timor "clarification" that could have resulted in a maritime border being established as a result of international action on fishing reserves.

Under the petroleum revenue sharing agreement, maritime boundary negotiations between Australia and East Timor are deferred for 50 years.

Within the JPDA, East Timor receives 90 per cent of revenues from petroleum developments such as the Bayu Undan project.

Final haggling over the working of the revenue-sharing agreement comes as the Timor Sea Designated Authority has released new licence areas in the JPDA. The authority says that the four production sharing contract areas range from 3770sqkm to 5770sqkm in depths of 70 to 1000 metres.

"Two areas contain gas discoveries, one area lies near two oil fields currently proposed for development and one area lies adjacent to a giant undeveloped gas field," the authority says.

The oil fields are Kuda Tasi and Jahal, east of the Laminaria/Corallina fields, which are still being reviewed by Woodside, while the undeveloped gas field is Greater Sunrise which Woodside says won't proceed until a legal and fiscal agreement is accepted by the East Timorese parliament.