PERTH (miningweekly.com) – The Australian Petroleum Production and Exploration Association (Appea) has welcomed the formation of the Territory Economic Restructuring Commission in the Northern Territory.
Chief Minister Michael Gunner said that the Territory Economic Restructuring Commission would be tasked with helping to write the roadmap for the territory’s recovery post the Covid-19 pandemic, and would provide the government advice on job creation, attracting investment, cutting red tape, building on the region’s strategic advantages, and strengthening ties with the federal government, investors and trade partners.
Appea has pointed out that Darwin already hosts two major liquefied natural gas (LNG) export facilities, and that gas from both offshore and onshore sources has provided over 90% of the Territory’s electricity supply for many years.
There is also the potential for new onshore projects, such as the Beetaloo basin, to power further growth and contribute to the economic recovery.
Appea’s Northern Territory director Keld Knudsen said successful exploration, appraisal and development of these resources could provide significant benefits in the form of jobs, local business opportunities, new value-adding industries, infrastructure and community investment for decades to come.
“Our members stand ready to invest hundreds of millions in exploring the Northern Territory’s natural gas reserves, and many times that in bringing anticipated projects to full production,” Knudsen said.
“We look forward to engaging with the commission and the government on the recovery and creating new opportunities for the territory.”
The commission has been asked to provide an interim report by late July, and a final report in November.