The Federal Government has announced a $7.5 million grant to boost national gas reserves through gas exploration at the Northern Territory’s Beetaloo Subbasin.
The grant agreement with Sweetpea Petroleum Pty Ltd, a subsidiary of Tamboran Resources, will further assist gas operators in their efforts to prove up Beetaloo gas reserves.
All regulatory approvals will need to be in place prior to any funding being provided under the grant.
Federal Minister for Resources and Water, Keith Pitt, said the grant underlined the commitment of the Government to opening up Beetaloo.
“Beetaloo has the potential to provide a world-class gas resource and we are determined to support its development as part of our gas-led recovery,” Mr Pitt said.
“This grant under the Beetaloo Cooperative Drilling Program is expected to bring forward $52 million in private investment at Sweetpea Petroleum’s Maverick 1 well.
“Investment such as this will help accelerate gas development in the Beetaloo, which has the potential to create thousands of jobs.”
The Beetaloo Cooperative Drilling Program will be delivered as part of the Beetaloo Strategic Basin Plan and the Federal Government’s $226 million commitment to the Beetaloo, supporting gas operators to speed up exploration and development of the basin.
“Gas from the basin can also make a significant contribution to maintaining Australia’s affordable and reliable energy supplies,” Mr Pitt said.
“We should take the energy crisis in Europe as a warning of what could happen in Australia if there is not enough investment in the gas sector.
“As uncertainty grips the world, our international partners will look to Australia for the resources they need to provide energy security.
“In an uncertain world, our reputation as a leading and reliable supplier of resources can provide stability and development of the Beetaloo will enhance that well-deserved reputation.”