BMI View: East Timor would be taking a big gamble if it chooses to exit its treaty with Australia and Woodside on the development of oil and gas felds in the Timor Sea. Chinese state-owned oil companies appear to be likely candidates to take over the Sunrise gas development that Woodside would have to abandon if the treaty is voided. However, a smaller resource base attributable to East Timor and a possible ignition of territorial disputes over resources in the Timor Sea between Australia and East Timor could discour- age even Chinese investment in Sunrise, making this a risky bet for East Timor indeed.
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