The Federal Government has announced the first grants under the $50 million Beetaloo Cooperative Drilling Program to help accelerate the development of gas projects in the Northern Territory.
Under the Beetaloo Cooperative Drilling Program, grants of up to $7.5 million per well are available to applicants.
Minister for Resources and Water, the Hon. Keith Pitt MP, has announced that three grants will be provided to Imperial Oil and Gas to support three new exploration wells in the company’s EP187 exploration zone in the basin’s east. Further grants are expected to be announced in the coming months.
“The Beetaloo Sub-basin is potentially a world-class gas resource which could create thousands of jobs and help bolster supplies of gas for the domestic market and for exports around the world,” said Minister Pitt said.
“The Coalition Government announced the new strategic basin plan for the Beetaloo Sub-basin in December, with the aim of speeding up investment, exploration and development to unlock jobs and resources under the gas-fired recovery program.”
“Grants under the Beetaloo Cooperative Drilling Program are expected to deliver several additional exploration wells by 2022 and bring forward at least $150 million in private investment in the basin,” he commented.
Industry analysis forecasts that Beetaloo development could produce 6,000 jobs, mostly in the Territory, by 2040. Economic activity could increase between $18 billion and $36.8 billion over the same period .