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Beetaloo alludes to promising future - Appea

26th August 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – An interim report into the development of the Beetaloo basin has found that it could create up to 6 300 new long-term jobs for the Northern Territory.

The Australian Petroleum Production and Exploration Association (Appea) this week said that the Beetaloo basin was only in the exploration phase, but could be economically viable and could mean significant job opportunities for the Northern Territory, while also helping to lower global emissions.

“A Deloitte study says the Beetaloo could potentially provide 6 300 full time jobs, a A$1-billion increase in revenues projected to the Northern Territory government over the period 2020-2040 and A$22.4-billion in economic growth in the territory between 2020 and 2040,” Appea Northern Territory director Cassy Schmidt said.

“According to Geoscience Australia, the ‘best estimate’ of prospective shale gas resources in the Northern Territory is approximately 275 211 PJ, or 259.7-trillion cubic feet, equivalent to almost 300 years of Australian domestic gas demand.

“The economic benefits of developing the Beetaloo will flow to Darwin, Katherine and regional communities as well as a future self-generating revenue stream by way of royalty payments to the Northern Territory government, Schmidt said.

“Australia’s oil and gas industry is committed to employing and training local Aboriginal people and procuring goods and services from Aboriginal-owned and -operated businesses.

“The gas industry has a demonstrated track record of safe, sustainable operations throughout Australia, which is supported by the many robust regulatory frameworks industry complies with across states and territories.”

The federal government is investing A$50-million in grants to support and accelerate exploration work in the Beetaloo basin, which is expected to deliver approximately ten additional exploration wells in the Beetaloo by 2022, and bring forward at least A$150-million of private investment from companies.

The Beetaloo Cooperative Drilling Program is part of the Beetaloo Strategic Basin Plan and the government’s A$224-million commitment to the Beetaloo. The plan is expected to generate significant development in the Northern Territory, creating up to 6 000 jobs over the next 20 years and helping Australia remain a world leader in gas.

The Beetaloo Cooperative Drilling Program will provide grants of between A$750 000 and A$7.5-million, up to a total of A$50-million, to gas companies to support exploration that occurs before the end of December 2022.

Edited by Creamer Media Reporter

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