Grants to help speed up Beetaloo drilling program
The Coalition Government has announced the first grants under the $50 million Beetaloo Cooperative Drilling Program to help accelerate development of gas projects in the Northern Territory.
Minister for Resources and Water Keith Pitt has said the three grants to Imperial Oil and Gas would provide up to $21 million to support three new exploration wells in the company’s EP187 exploration zone in the basin’s east.
Under the Beetaloo Cooperative Drilling Program, grants of up to $7.5 million per well are available to applicants. 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,” 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.”
Minister Pitt said development in the Beetaloo Sub-basin could transform the Northern Territory economy and generate up to 6,000 jobs, mostly in the Territory, by 2040.
“Only the Coalition Government can be trusted to bring jobs and opportunity to the Territory,” Minister Pitt added.
“The Labor Party have shoved the drilling program legislation off to a Senate Committee where the Greens have pledged to wreck the gas industry by any means at their disposal.
“As the leader of the Greens Mr Adam Bandt has made clear – Labor and the Greens will seek to rule in coalition to destroy the gas industry, destroy the resources sector and run our economy into the ground.”
For more information, visit the Unlocking the Beetaloo: The Beetaloo Strategic Basin Plan report on the Department of Industry, Science, Energy and Resources website.
Minister Pitt's office 02 6277 7180