The oil and gas industry welcomed the release today of the Northern Territory Economic Development Framework by Chief Minister Michael Gunner.
The Framework recognises the vital role that natural gas will play as one of the Northern Territory’s major growth sectors to maintain and grow living standards across the region.
APPEA’s Northern Territory Director, Matthew Doman said: “With almost 30 trillion cubic feet of offshore gas reserves, and potentially far greater resources onshore, the Northern Territory economy will benefit from the decades long development and production of natural gas for both domestic and export markets.”
The Framework highlights that the NT’s onshore basins are estimated to hold around 200 trillion feet of natural gas, enough to power Australia for 200 years.
“The oil and gas industry recognises that onshore gas development in the Territory must be done in an environmentally and socially responsible manner,” said Mr Doman.
View the full APPEA media release here.