Mangalhaes has confirmed that the Timor-Leste government is working hard to ensure that that ratification can be completed by 30 August, the date of twentieth anniversary of the independent ratification.

"We have planned to discuss this document with National Parliament before we ratify the Maritime Boundaries Treaty in the next two months," Managalhaes said in National Parliament on Tuesday.

He said he believed it was in the interest of “every faction” in National Parliament to support the process.

Aaron Noé, President of the National Parliament, told LUSA that the government intended to present three proposals for changing laws that need to be changed before the ratification could be signed.

Amendments to bills include the Tax Law, Oil Fund Law, Oil Activities Law and the Timor-Gap Law, as well as other changes that may be approved after ratification.

The ratification comes 15 months after Timor-Leste and Australia signed an historic and unprecedented treaty in New York on 6 March 2018 that gave a permanent maritime border between the two countries for the first time.

The treaty determines each country’s entitlement and ownership of the oil and gas reserves in the Timor Sea, including the Greater Sunrise basin, estimated to hold $53billion worth of gas reserves.

The announcement also comes amid a flurry of accusation about Timor-Leste’s state-owned gas company Timor Gap taking a multi-billion dollar loan from China’s Exim bank to finance its gas processing plans.

Timor-Leste government recently bought majority interest in the Greater Sunrise gas project – buying out former partners Shell and ConocoPhillips – with the intention of ensuring the gas is piped and processed on its shores instead of Australia’s. It has been seeking finance partners to access the untapped gas reserves in the Timor-Sea.

On Tuesday, the Australian reported Timor-Gap would borrow $15.9 billion from China’s state-owned Exim bank under a commercial loan.

Immediately after the report, however, a spokesman from Timor Gap told Guardian Australia that the company rejected the claim, saying it was only talking to China and that it was still looking at investors from the US, Australia and other countries.

“The statements that Timor Gap is about to sign a finance deal with China Exim Bank is incorrect as much as the suggestion that we rejected a competitive offer from US pension funds,” a spokesman said.