The Federal Government has entered three grant agreements worth a combined $19.4 million to support gas exploration in the Northern Territory’s Beetaloo Subbasin.
Minister for Resources and Water, Keith Pitt, has said that under the Beetaloo Cooperative Drilling Program, the grants will support exploration company Imperial Oil & Gas to continue drilling three petroleum exploration wells.
Mr 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,” Mr Pitt said.
With Australian gas in high demand, Mr Pitt has emphasised the importance of working to get new production online.
“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.
“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,” Mr Pitt said.
The Beetaloo Subbasin has the potential to be a world-class gas resource that could create up to 6,000 jobs by 2040, and bolster domestic and international gas supply.
“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,” Mr Pitt said.
The taxes and royalties generated from these sectors allow state and federal governments to provide health, education and other essential services that citizens rely upon.