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Joint push to develop NT’s onshore and offshore gas resources

Joint push to develop NT’s onshore and offshore gas resources

Photo by Bloomberg

16th November 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The commonwealth and Northern Territory governments have signed a memorandum of understanding (MoU) to jointly develop the Northern Territory’s gas industry, both onshore and offshore.

Federal Minister for Resources and Northern Australia, Matt Canavan, said that the MoU recognised the national significance of gas resources offshore northern Australia, the onshore gas resources of the Northern Territory and the need to attract investment and create economic growth.

“The Beetaloo sub-basin can be developed safely and sustainably to the benefit of all territorians, including indigenous communities and the wider Australian community,” Canavan said.

“Initial resource estimates for the basin suggest there could more than 200 years of domestic gas supply for Australia at current levels of consumption, plus providing substantial quantities of gas for export.

“That is an exciting prospect in terms of energy security for our existing domestic manufacturing sector and being able to support new manufacturers, which might come on line in years to come, particularly those based in the Northern Australia.”

Canavan said that the MoU was a vote of confidence in the potential of the shale gas industry in the Northern Territory following the territory government’s decision to lift the moratorium on the use of hydraulic fracturing.

“The commonwealth is already working with Northern Territory government and industry to resume exploration activities in the region to clarify the commerciality of the resource.

“Industry exploration to date indicates a P50 gas-in-place resource of at least 500-trillion cubic feet for one of multiple prospective layers in the Beetaloo sub-basin. There are also prospective liquids-rich resources providing another target for industry when they return to the basin in next year’s dry season.”

Northern Territory Chief Minister Michael Gunner said the signing of the MoU demonstrated the potential of the industry for the territory.  

“This is the chance for the territory to continue to expand liquefied natural gas exports while diversifying our economy through gas-based manufacturing.

“The MoU will help establish the territory as a world-class hub and to effectively implement the 135 recommendations from the independent scientific report into hydraulic fracturing in full,” he said.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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