June saw Empire Energy announce $27.5 million in additional capital raising to further Beetaloo Sub-basin exploration in the Northern Territory.
The capital resources will enable continued exploration momentum for Empire Energy as industry readies for commercial production.
As industry prepares for production, the petroleum royalty scheme is under review by the Commissioner of Territory Revenue (TRO) to ensure it keeps pace with industry development.
Contemporising royalty legislation will address historical difficulties encountered, with a new model for the Territory’s petroleum royalty scheme developed.
The model sets in legislation the royalty calculation and allowable deductions, record keeping and payment obligations and objection rights, and provides a transparent, uniform framework for all industry participants.
This new model modernises the existing scheme and provides investment certainty, transparency and equity to stakeholders in the petroleum industry. Contemporary legislation is critical to realising the globally significant gas reserves in the Beetaloo Sub-basin.
Estimated to contain 500 Trillion cubic feet of gas for the Velkerri B layer alone, resources of the Beetaloo Sub-basin are set to propel multibillion dollar growth in the Territory economy, with long-term global gas supply potentials of international significance.
The rising demand for natural gas will play a critical global role as a low emissions, reliable and affordable transition fuel for growing populations, and is also set to be the launch pad for the emerging local sustainable gas-based processing and manufacturing sector.
“Incorporating the significant value-add opportunities of downstream gas-based processing and manufacturing projects will deliver substantial local employment opportunities, including service and supply and Aboriginal business opportunities.
We believe the highly prospective resources of the Beetaloo Sub-basin will allow us to service both export and manufacturing markets to harness maximum value from our abundant natural resources,” says Gas Taskforce Chair, Alister Trier.
The TRO invites feedback on the draft Petroleum Royalty Bill 2022 via the Have Your Say website until 15 July 2022.