Minister for Resources and Water Keith Pitt has announced the Coalition Government has entered three grant agreements worth a combined $19.4 million to support gas exploration in the Northern Territory’s Beetaloo Sub-Basin.
Minister Pitt said under the Beetaloo Cooperative Drilling Program, the grants will support exploration company Imperial Oil & Gas to continue drilling three petroleum exploration wells.
Minister Pitt said this is an important step following the conclusion of the recent Federal Court action.
“The Government is committed to a gas-led recovery and we are now getting on with the job of opening up the Beetaloo as part of the Strategic Basins Plan and these grants will assist in that important process,” Minister Pitt said.
“Australian gas is in high demand domestically and internationally and it’s important that we work to get new gas production online.”
“In an uncertain world, the reliability of Australian resources to our trading partners cannot be understated.
“As the ACCC confirmed recently, it is imperative, and to the benefit of all Australians, that new gas developments are opened up as soon as possible to ensure continuing domestic supply to homes and businesses across the country,” Minister Pitt said.
“Activists trying to stop or delay crucial gas projects threaten future energy security both here in Australia and in countries around the world that rely on our LNG exports.
“The Beetaloo Sub-basin has the potential to be a world class gas resource, that could create thousands of jobs and bolster domestic and international gas supply.
“Development and investment in the Beetaloo could be a game-changer for the Northern Territory, creating up to 6,000 jobs by 2040, supporting industrial diversification and providing stable tax and royalty streams for years to come,” Minister Pitt said.
“Our resources and energy sector is vitally important to the Australian economy and is forecast to generate a record $379 billion in exports this financial year.
“The taxes and royalties that are generated from the resources sector allow state and federal governments to provide the health, education and other essential services all Australians rely on.”
