The $50 million Beetaloo Cooperative Drilling Program is a key feature of the Australian Government's Beetaloo Strategic Basin Plan driving accelerated exploration initiatives by the end of 2022.
The program aims to fast-track gas exploration and development in the Territory's Beetaloo Sub-basin expedite commercial decision making to create thousands of jobs, provide significant economic benefits to the region and in support of Australia’s future energy security.
Globally significant gas reserves in the Beetaloo Sub-basin could propel local industry and cleaner energy production in Australia, while accelerating multibillion dollar growth in the Territory economy, with long-term global gas supply potentials of international significance.
"The highly prospective resources are being compared to the highly productive Marcellus Basin in the north east of the United States, and there are other layers and basins yet to be explored," said Alister Trier, Gas Taskforce Chair.
Industry analysis projects that development of the Beetaloo Sub-basin could:
- produce 6,000 jobs by 2040
- increase economic activity between $18.0 billion and $36.8 billion over the same period.
- spur local manufacturing development
- deliver cheaper and more reliable gas to households and industry
- provide an additional source of gas for Liquefied Natural Gas (LNG) export facilities.
The Australian Government announced a total of $50 million over two years from 2021–22 to 2022–23 for the program with funding allocations made subject to demand.
Realising our Territory gas opportunities within the Beetaloo Sub-basin will bring exciting long-term opportunities for Territorians to transform our future and achieve global net-zero targets, by:
- delivering cleaner, affordable fuel as a global low carbon energy supplier
- driving creation of a new low-emissions gas-based manufacturing sector.
- allowing fossil-fuel sources to be replaced over time as renewable solutions and decarbonisation innovations emerge.
"By working together with the Australian Government, gas operators, and local and Aboriginal communities, we are working to unlock the Beetaloo's enormous potential and realise the full benefits over the next 40 years or more," said Mr Trier.