Australian Government to fund Beetaloo accelerated exploration
The Australian government plans to accelerate gas exploration and development in the Beetaloo sub-basin onshore Northern Territory.
Minister for Resources, Water and Northern Australia, Keith Pitt, said the government will provide up to A$50 million for exploration which occurs before the 30th June 2022.
The funding aims to fast-track drilling by providing grants to cover 25% of eligible exploration costs, capped at A$7.5 million per well and three wells per exploration venture.
Mr Pitt said that the Northern Territory’s Geological Survey estimates the sub-basin could hold more than 200,000 petajoules of gas.
“Even if only a very conservative 10% of that gas was recovered, it could supply Australia’s domestic gas demand for more than ten years,” he said.
“Industry analysis estimates the development of the sub-basin could increase economic activity by between A$18 billion and A$36.8 billion over the next 20 years,” he said.
Source: Oil & Gas Journal