The Northern Territory’s oil and gas industry has warmly welcomed the incoming Finocchiaro government, pledging to collaborate on boosting the region’s economy through a strategic five-point plan.
This development comes in the wake of a decisive election victory for the Country Liberal Party (CLP) led by Lia Finocchiaro.
David Slama, the NT Director of Australian Energy Producers, congratulated Chief Minister-elect Finocchiaro and expressed eagerness to work with her administration.
He emphasised the opportunity presented by the new term to fully realise the economic potential of the Beetaloo Basin.
“A new term of parliament offers the opportunity to deliver on the economic promise of the Beetaloo Basin as appraisal gas moves into full-scale production, providing energy security and economic benefits for the region,” said Slama.
The industry’s strategic plan, dubbed “Powering the Territory,” aims to:
- Ensure energy security for the NT
- Capitalise on gas-related economic and employment opportunities
- Streamline approval processes for new gas supply
- Support and incentivise low-emission technologies
- Bolster the LNG export industry
Natural gas plays a crucial role in the Northern Territory’s economy:
- Provides 86 per cent of power generation
- Contributes $5.8 billion in annual economic activity
- Supports over 6,000 local jobs
The gas industry is poised for growth, with companies ready to increase production.
However, Slama stressed the need for efficient approval processes to ensure timely supply and energy security.
While focusing on economic growth, the industry also acknowledges the importance of emissions reduction.
Carbon capture, utilisation, and storage (CCUS) technology is seen as key to aligning increased manufacturing and industrial activity with emissions reduction goals.
The election campaign saw both major parties supporting gas development.
However, the Labor party faced internal divisions on the issue, with some members opposing projects like Middle Arm.
In contrast, the CLP has consistently supported the gas industry, with Finocchiaro stating: “We will unashamedly pursue mining, a well-regulated gas industry, defence, tourism and agriculture.”
As the Northern Territory enters this new political era, the gas industry’s commitment to economic growth, coupled with the new government’s support, sets the stage for potentially significant developments in the region’s energy sector.