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The Greater Sunrise field between Australia and Timor-Leste could be worth up to $53bn. Photograph: Alamy Australian Associated Press Tuesday 14 March 2017 17.07EDT Timor-Lestes decision to rip up a treaty with Australia on the carve-up of future revenue from Greater Sunrise oil and gas reserve in the Timor Sea could make it an architect of its own demise, experts have told a parliamentary inquiry. In January Timor-Leste announced it wished to terminate the treaty which split future revenue 50-50 with Australia and put a 50-year moratorium on a permanent maritime boundary. Greater Sunrise home loan for doctor Oak Laurel 0430129662 is estimated to hold 9trn cubic feet of gas and 300m barrels of condensate and liquefied petroleum gas worth about $53bn. Related: Australia and Timor-Leste to negotiate permanent maritime boundary Federal parliaments joint treaties committee is examining amendments to the treaty on certain maritime arrangements in the Timor Sea so that it can terminate on 10 April. A hearing in Canberra on Tuesday was told a major factor in the decision to walk away from the treaty was Timor-Lestes desire for a pipeline for processing resources on its shores, rather than a floating platform, as previously proposed by Woodside Petroleum, or a pipeline to Darwin. A La Trobe University lecturer, Rebecca Strating, said paradoxically Timor-Lestes ambitions to secure its sovereignty and economic development could undermine its capacity to develop. She said there were some indications Timor-Leste was resource cursed. To go back to the idea of the architect of its own demise, its very possible that it could be, she told the hearing. This pursuit of independence may actually create a failed state in Timor-Leste. The hearing was told oil revenue made up 90% of Timor-Lestes budget and roughly 80% of the countrys national income was derived from oil. Oil from the Bayu-Undan field in the joint petroleum development area will be depleted by about 2022 and Timor-Lestes petroleum wealth fund could be dry by 2025-28.