THE onshore gas industry could begin investing $1.35 billion a year within the next five years creating nearly 1500 local jobs, a new report shows.
The Pangaea Beetaloo Basin Development Model for Public Benefit has been derived from Pangaea’s 2015 work program and US shale gas industry well and logistics volume data.
Pangaea’s report was sent to the Gunner Labor Government and the Scientific Inquiry into Hydraulic Fracturing last night.
The model has been built around a concept of development units. Under this model there is an exploration unit, an appraisal unit and a production unit.
The report details the number of jobs, the expenditure and the education qualifications required to fill the positions.
It leverages some of its work off already completed work by Deloittes who completed a report in 2015 and an ACIL Allen report prepared for the Scientific Inquiry in to Hydraulic Fracturing last year.
The inquiry will deliver its final report to government in March.
Important caveats in Pangaea’s report include the lifting of the fracking ban in April and the creation of a Centre for Excellence to help drive increased capability.
Pangaea Resources executive director Tim Radburn addressed a group of 50 business and industry people in Katherine on Friday where he went through the report and detailed public benefit to the Territory.
“We’ve invested over $100 million in exploration programs to date and are excited about the prospects of the future,” he said.
“This should be viewed not only as Territory building, but a true nation building project with numerous public benefits, not least of which is supporting lower cost of living outcomes and higher standards of living for all Australians for many generations to come.”
Jemena managing director Paul Adams has endorsed the report. Jemena is building the 622km Northern Gas Pipeline.
“An onshore gas industry in the Territory would allow Jemena to progress plans to expand and extend the pipeline to the east coast,” he said.
“This project would quadruple the size of our NGP workforce to around 4000 across Northern Australia and mean more investment in local contractors and local communities for the longer term.”
Source: Ashley Manicaros, NT News