Dili – Parliament agreed to ratify an agreement with Australia over the management of oil and gas resources in the Greater Sunrise field in the Timor Sea.

"I am glad because after one year, the parliament finally has approved this agreement," Prime Minister Jose Ramos-Horta told reporters after the vote, with 48 in favor, five against and three abstentions.

"With this agreement, large investors such as Woodside Petroleum, can start to invest in the Greater Sunrise (field) to manage oil and gas," he said.

Woodside Petroleum, which operates the Greater Sunrise field, froze the multi-million dollar project in 2004 as negotiations between Australia and East Timor dragged on.

Under the accord, Australia and East Timor will split the royalties from the field 50:50.

However, Ramos-Horta conceded that many technical details remained to be settled before such investment could actually take place, such as the pipeline from the field.

It is estimated the Greater Sunrise field could deliver 10 bln usd to impoverished East Timor over 20 years.

The Greater Sunrise deposit straddles the eastern lateral boundary of the Joint Petroleum Development Area, an area agreed for development by both countries in the 2002 Timor Sea Treaty.

It is estimated to have deposits worth more than 27 bln usd over the project's life.