Industry News

The latest CommSec State of the States report proves what Territorians already know - under the Country Liberal Party, the Northern Territory is back on track, rebuilding stronger, faster, and with more momentum than ever.

According to the October 2025 CommSec report, the Territory has leapt from eighth to fourth place in overall economic performance, its best ranking in nearly a decade, showing that the CLP’s plan to rebuild the economy is working.

Chief Minister Lia Finocchiaro said the report was clear evidence the Territory is charging ahead and outperforming expectations.

“The Territory is leading the nation in economic growth, population growth, housing finance, and dwelling starts - and that’s no accident,” Mrs Finocchiaro said.

“Our economy grew by 5.4% - the strongest in the country. We’re seeing population growth up 1.3%, housing finance up 24%, and new dwellings up 30%. The word is out: if you want a great job, lifestyle and affordable housing, the Territory is where you need to be.”

The report also confirms the Territory has climbed to third nationally for household spending, reflecting renewed consumer confidence and a strong labour market.

“We’ve gone from last place under Labor to one of the strongest economies in Australia. That’s what happens when you back hard work, ambition and investment instead of red tape and excuses.

Chief Minister Lia Finocchiaro said the jump from eighth to fourth place was a “vote of confidence” in the CLP’s Rebuilding the Economy Strategy, which is restoring confidence, purpose and prosperity to the Northern Territory.

"Territorians elected us to rebuild the economy after eight years of going backwards under Labor - and this report, like the one before it, proves we’re delivering.

“In our year of action, certainty and security, a reduction in crime is giving businesses and investors greater confidence in the Territory’s future. We’re building a stronger workforce, unlocking regional growth and making the NT the best place to do business,” Mrs Finocchiaro said.

Treasurer Bill Yan said the report shows the Territory is now firmly on the investment radar.

“The NT is a hot spot for housing and business investment. You only have to look at the property market to see confidence returning,” Mr Yan said.

“With major infrastructure projects in the pipeline, the nation’s most generous home builder grants, and a lifestyle most people only dream of - Territorians and investors alike have faith in the CLP to deliver.”

Minister Yan said the momentum will continue as the CLP focuses on regional development, workforce attraction, and crime reduction.

“We promised to reduce crime, rebuild the economy and restore our lifestyle, and that’s exactly what we’re doing. The Territory’s comeback is well underway,” he said.

Fast Facts from the CommSec Report (October 2025):

• NT jumps from 8th to 4th overall economic performance.
• #1 in Australia for economic growth - up 5.4%.
• #1 for population growth - up 1.3%, 75% above decade average.
• #1 for housing finance - up 24.1%.
• #1 for dwelling starts - up 30%.
• #3 for household spending - up 9% on long-term average.
• Unemployment 16.4% below the decade average.

Source: Northern Territory Government Newsroom

Prakash The Finocchiaro CLP Government is reforming our long-neglected Territory electricity system and market as a major step forward to delivering a secure, reliable and affordable electricity network for Territorians with reform legislation passed.

The scale of the challenge is clear: the NT has twice as many blackouts as the rest of the country and they last significantly longer. In Katherine alone, Territorians experience around 6.7 outages a year averaging nearly nine hours each, according to the NT Utilities Commission.

Much of the Territory’s electricity infrastructure is ageing, outdated and unable to accommodate the increasing levels of solar energy generation, leaving it vulnerable to blackouts.

Minister for Mining and Energy, and Minister for Renewables Gerard Maley said without urgent reform and investment, performance of our overstretched electricity system will continue to deteriorate, failing the needs of Territorians.

“Unreliable power limits the ability of households, businesses and industries to operate efficiently, slows regional development and job creation,” Minister Maley said.

“It also puts the Territory’s overall economic development, population growth and future opportunities at risk.”

“We inherited a system that simply isn’t up to scratch and inaction is a cost we can’t afford. The electricity network is decades old and under strain – despite repeated warnings from the independent Utilities Commission, the previous government failed to act.”

“We’ve seen two major blackouts recently that left most of Darwin and Katherine without power, and without action, those events will only become more widespread and last longer.”

Amendments to the Electricity Reform Act 2000 will establish new market and governance arrangement for the procuring of electricity assets and energy contracting. This will enable for the central procurement of electricity supply, cutting red tape and ensuring reliable, secure and affordable electricity supply for Territorians.

Additionally, changes to the Electricity System and Market Operator Bill 2025 will see the establishment of the Northern Territory Electricity System and Market Operator (NTESMO) as an independent system controller and market operator, separate from the Power and Water Corporation.

“These reforms are an important step forward, but they’re only the beginning,” said Minister Maley.

“We know more investments will need to happen to address parts of our electricity system which are decades old and under strain after years of underinvestment.”

“These legislative amendments and reforms are a solid start in creating modern, fit-for-purpose assets, strengthening reliability, reducing wholesale electricity costs and ensuring Territorians continue to enjoy some of the lowest power prices in the country.”

The Finocchiaro CLP Government already provides significant support to Territorian’s retail electricity costs through the Community Service Obligation (CSO), which subsidises power bills for Territory homes and businesses. Without it, Territorians would face the highest energy costs in Australia.

The CSO has now reached a record $192 million in 2025–26, highlighting the scale of the challenge presented by our aging infrastructure ad increasing electricity generation costs.

Mr Maley said the newly established, independent NTESMO will play a central role in planning and delivering future energy infrastructure.

“Territorians deserve an electricity system that works, not one held back by outdated system rules and ageing assets,” he said.

“NTESMO will be responsible for developing a periodic Regulated Electricity System Investment Plan (RESIP) to outline the upgrades and investments needed in each region to deliver energy security and reliability at least cost for Territorians.

“This legislation will also cut unnecessary red tape and create greater investor confidence, ensuring the Territory remains an attractive destination for private energy investment and future growth.”

Highlights

• Tamboran Resources has successfully completed the 2025 Shenandoah South drilling program, the largest program ever conducted in the Beetaloo Basin.
• The program included the batch drilling of the Shenandoah South -4H (SS-4H), -5H and -6H wells, each successfully completed with a target lateral length of 10,000-feet. The three wells have been successfully cased and suspended ahead of stimulation activities.
• The average spud-to-TD (total depth) across the program was 26.7 days, with the drilling and casing time delivered within the 35-day forecast.
• The program saw an increase in efficiency driven by the application of new Baker Hughes (NASDAQ: BKR) anti-vibration drilling technology. This resulted in Tamboran drilling its fastest horizontal section in the Mid Velkerri B Shale to date in the SS-6H well, reaching over 1,100 metres (3,603 feet) in a day.
• Tamboran plans to complete the SS-4H well in 4Q 2025. The program includes up to 60 stages across the full 10,000-foot horizontal section within the Mid Velkerri B Shale using the imported Liberty Energy (NYSE: LBRT) modern stimulation equipment. The SS-4H well is planned to be flow tested for 30 days ahead of being shut-in for future gas sales.

Source: Tamboran Resources Corporation

The Santos Northern Territory (NT) Business Update is designed to keep stakeholders informed about our ongoing and proposed activities that require consultation, along with details regarding upcoming field activities. The update will also provide a snap shot of community activities across the NT. This update includes information about:

Darwin LNG

Located at Wickham Point, the Santos operated Darwin LNG (DLNG) is a single train liquefactionn and storage facility that started production in 2006. Darwin LNG was the first LNG production facility in the Northern Territory, and second in Australia. The Darwin LNG has the capacity to produce approximately 3.7 million tonnes of LNG per annum. With Bayu-Undan reaching end of field life, the Barossa gas field will be the source of gas to backfill DLNG, with first gas expected in 2025.

Darwin Life Extension Project

The Darwin Life Extension (DLE) project is approaching completion, having achieved the milestone of being “Ready for Start Up” and is now prepared to receive gas from the Barossa field. In November 2023, the DLNG facility was shut down for modification and refurbishment works to be completed to allow for continued LNG production, by optimising processing capability and allowing for a wider variation of feed gas composition from the Barossa field. The DLE Project will extend operation of DLNG to approximately 2050.

Beetaloo Basin

Santos is committed to carrying out appraisal activity in the Beetaloo Basin to determine the size, potential production rate, and characteristics of the shale gas reservoir. The appraisal phase follows successful exploratory drilling and will inform any future development proposals for the Basin. Responsible and successful appraisal of the Beetaloo Basin could, with the necessary agreements and approvals, lead to further development with potential benefits to the NT including:

• Jobs for local companies, increased regional and Aboriginal employment and procurement opportunities
• Royalties paid to the Territory which could be used for improving local community services, regional roads, more police, schools, hospitals, and infrastructure
• Community investment programs developed in partnership with Traditional Owners
• Appraisal gas recovered under the appraisal program may contribute to energy security for the NT, with increased domestic gas supply to the market.

Barossa LNG

Barossa LNG receives first gas

The BW Opal Floating Production, Storage and Offloading (FPSO) vessel has successfully received first gas into the facility to commence production operations.

This follows the BW Opal achieving Ready For Start Up (RFSU) status on 16 September 2025 and the commencement of flow from the subsea wells. This is a major milestone for Santos and its Barossa joint venture partners, PRISM Energy Australia and JERA Australia, in delivering the Barossa LNG project.

All six wells drilled in the Barossa gas field have intersected excellent reservoir quality. Testing has been completed on five of the six wells, demonstrating outstanding flow capacity that exceeds pre-drill estimates, with expected average potential well deliverability of around 300 million standard cubic feet per day. This success underscores the robust capacity of the Barossa field to sustain long-term production.

The Northern Territory Environment Protection Authority has renewed the Environment Protection Licence for Darwin LNG, commencing 19 September 2025, paving the way for first gas into, and start-up of, the Darwin LNG plant.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said, “RFSU for the BW Opal marked the formal transition from project execution to production operations, following RFSU for the Darwin LNG plant upon completion of the life extension work scope and the commencement of production from the offshore subsea wells."

The BW Opal is among the largest and most technically advanced FPSOs ever built, featuring a 358-metre hull and accommodation for up to 140 personnel. It has gas handling capacity of 850 million standard cubic feet per day and condensate handling capacity of 11,000 barrels per day. Industry-leading combined-cycle power generation, incorporating waste heat recovery and steam turbine technology, was used to maximise energy efficiency and is expected to reduce non-reservoir emissions by more than 50 percent (over 0.75 million tonnes of CO2e per year) compared to the Offshore Project Proposal accepted by the regulator NOPSEMA.

The FPSO is the production centrepiece of Santos’ Barossa LNG project and will be permanently located in the Barossa gas field approximately 285 kilometres offshore from Darwin in the Northern Territory of Australia. It will feed the Darwin LNG plant for the next two decades.

A semi-permanent mooring arrangement will also be installed in the Barossa Field. It will be positioned between the two southern drill centres and used by the Offshore Support Vessel when standing by in the field. The mooring buoy will be fitted with navigation lights. The SURF (Subsea, Umbilicals, Risers, Flexible) program has completed tie-in and testing of the subsea infrastructure for four wells and will finish work on the final two wells during this year.

All Barossa activities have been completed or are currently being undertaken in accordance with the relevant Commonwealth and NT environmental approvals.

Bonaparte Basin Activites

Overview

The Bonaparte Basin, located offshore between Western Australia and the Northern Territory, is a key focus area for Santos Midstream and Energy Solutions. It presents an opportunity to store carbon dioxide emissions from our own operations, as well as carbon dioxide generated from third-party sources.

CCS is a core component of Santos’ decarbonisation strategy, as well as the decarbonisation strategies of our customers and emitters in hard-to-abate industries.

Santos is seeking to acquire subsurface data via a 3D Marine Seismic Survey to identify and image detailed subsea geological formations for the potential injection and storage of carbon dioxide (CO2).

We are also seeking to drill up to three wells in the Basin, commencing with the drilling exploration of the Astraea-1 well. The purpose of the well is to evaluate subsea geological formations for the potential injection and storage of CO2.

Appraisal Drilling

G-11-AP CCS Appraisal Drilling Environment Plan

Activity summary: Santos is planning to drill up to three wells in greenhouse gas permit G-11-AP, starting with the Astraea-1 well. The purpose of the well is to identify subsea geological formations for the potential injection and storage of carbon dioxide (CO2). The Operational Area for the Astraea-1 well is approximately 115 km from the nearest coastline and approximately 275 km west-southwest from Darwin, Northern Territory.

EP status: Submission to NOPSEMA planned for Q1 2026.

Seismic Exploration activities

EOS 3D Marine Seismic Survey (MSS) Environment Plan

Activity summary: 3D marine seismic survey activity to appraise carbon capture storage potential of Santos’ greenhouse gas permit G-11-AP. Survey location is approximately 107 km from the nearest WA coastline and approximately 102 km from the nearest NT coastline. Activity commencement is planned for Q2 2026 at the earliest.

EP status: EP was submitted to NOPSEMA in Q3 2025.

Plug and Abandonment activities

Tern-2 Plug and Abandonment Environment Plan

Activity summary: Permanent plug and abandonment activity for one historic well previously temporarily abandoned. The well is approximately 300 km west-southwest of Darwin, and approximately 106 km off the coastline of Western Australia. Activity commencement is planned for Q4 2025 at the earliest.

EP status: EP to be resubmitted in Q4 2025 to align with the Well Operations Management Plan.

Source: Santos Northern Territory Quarterly Update October 2025

Darwin Port is proud to share its new Development Plan, outlining our vision for growth, sustainability, and community wellbeing over the coming years. The plan sets out key priorities, strategic goals, and actions designed to shape a thriving future for our town. 

To view the full Darwin Port Development Plan please click here.

Source: Darwin Port Website

Darwin Port is excited to share our new Master Plan, which sets out our vision, priorities, and the steps we are taking to achieve long term growth and positive impact. 

This comprehensive document outlines our key goals, guiding principles, and the projects that will shape the next chapter of our journey. It reflects years of collaboration, research, and input from across our community. 

To view the full Masterplan please click here.

Source: Darwin Port Website

Local businesses will benefit from a simpler and more transparent procurement system, with the Finocchiaro CLP Government today appointing Mr Tom Harris as the inaugural Territory Procurement Champion.

The appointment of Mr Harris coincides with procurement reforms that are transforming how the Government purchases goods and services. These reforms are designed to cut red tape, increase local opportunities, and make doing business with government more effective.

As Procurement Champion, Mr Harris will independently handle procurement complaints and work closely with businesses and government agencies to increase opportunities for local procurement. 

Minister for Trade, Business and Asian Relations, Robyn Cahill, said: “The Territory Procurement Champion will give businesses confidence that their voices are being heard and that we are serious about making procurement fairer, simpler and more transparent.”

“I welcome Tom Harris as the inaugural Territory Procurement Champion, who will be charged with engaging with businesses and government to drive more local procurement,” Ms Cahill said.

Mr Harris brings a wealth of knowledge and experience to the role. As the current Chief Executive Officer of the Civil Contractors Federation NT, he has extensive expertise in construction contract management and a strong track record of engaging with industry to deliver outcomes that support business growth and local jobs.

“I’m very proud to have been given the opportunity to be the Territory Procurement Champion. I have a long and ongoing connection to the Northern Territory and know that growth within our local business community is a major factor in driving economic development opportunities throughout our region,” Mr Harris said.

Mr Harris will commence as Procurement Champion on 1 November 2025 and will be a key advocate for ensuring procurement continues to deliver benefits for the Territory economy and community.

The procurement reforms come into effect on 1 October 2025 and will:

• Simplify local buying, with the Tier 1 purchasing cap increasing from $15,000 to $50,000
• Increase local buying opportunities, with the Tier 2 purchasing cap increasing from $100,000 to $200,000; and 
• Streamline everyday purchases by allowing direct purchasing from a Territory business for low-risk, readily available and commonly used supplies.

For more information about the Territory Government’s Procurement Reform Program visit https://nt.gov.au/industry/procurement/procurement-reform-program

Source: Northern Territory Government Newsroom

Highlights:

• Tamboran Resources and Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (Falcon) have entered into a definitive agreement to create a ~2.9 million net prospective acre Beetaloo Basin leader across the majority of the Beetaloo depocenter.
• The combination of Tamboran and Falcon is a logical consolidation of two leading Beetaloo Basin businesses and creates a company with a pro forma market capitalization of >US$500 million.
• Under the transaction, Tamboran will acquire Falcon via the acquisition of all its subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million.
• On completion, Falcon will distribute Tamboran shares to eligible shareholders of Falcon at an exchange ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock. Falcon shareholders will own ~26.8% of the pro forma business. Tamboran stockholders will own the remaining 73.2%.
• The transaction values Falcon’s subsidiaries at C$239 million (US$172 million), at an implied offer price of C$0.2154 per share. This reflects a 19.7% premium of the closing price of Falcon on the TSX on September 29, 2025 and a 53.2% premium to the 90-day traded VWAP.
• The acquisition is accretive to Tamboran stockholders given the implied acreage value of US$169 per acre reflects a 4% discount to Tamboran’s current implied acreage value of US$176 per acre.
• The transaction aims to strengthen Tamboran’s working interest in the Phase 2 Development Area to 80.62% ahead of the previously announced farmout process and creates further alignment with Daly Waters Energy, LP (DWE) across the entire EP 76, 98 and 117 acreage following completion of the previously announced checkerboard process.
• The transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon and is expected to close in 1Q 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the transaction and the approval by Tamboran stockholders of the issuance of the Tamboran NYSE Common Stock. 

Source: Tamboran Resources Corporation

Highlights:

• The Beetaloo Joint Venture (BJV) has made a Final Investment Decision (FID) for the Shenandoah South Pilot Project, which is currently on track to commence first gas sales from mid-2026.
• The decision by the BJV to take FID follows the execution of key commercial documents with APA Group and the SPCF Trust. This follows the signing of agreements with Native Title Holders, the Northern Land Council and the Northern Territory Government to secure approvals required to commence sales of appraisal gas under the Beneficial Use of Gas (BUG) legislation.
• Tamboran and Daly Waters Infrastructure, LP (DWI) have also secured up to A$179.8 million (~US$118 million) via a three-tranche financing facility with a consortium of lenders for the construction of the Sturt Plateau Compression Facility (SPCF).
• Tamboran is now in a position to fund its share of the upstream drilling and stimulation of the remaining Pilot Project wells required to reach plateau production and construction of the SPCF, subject to successful completion of the remaining wells, and receiving the US$15 million from DWE for the recent acreage sale and a research and development (R&D) tax incentive payment in respect of eligible expenditure for FY25.
• The Pilot Project has been designed to provide long-term production testing of multiple wells that has, alongside additional resource delineation, the potential to sanction a large-scale development to the East Coast gas market.
• Tamboran expects to complete the current three well drilling program in early 4Q 2025. This will be followed by the stimulation of the Shenandoah South 4H (SS-4H) well, which is planned to be flow tested over 30-days in early 2026. The remaining three wells are expected to be stimulated in 1H 2026 after the wet season and ahead of commencement of gas sales in mid-2026.

Source: Tamboran Resources Corporation 

 29 September 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to give an update on current drilling and future planned stimulation in the Beetaloo Sub-basin. Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) continues the drilling campaign.

 Drilling Campaign

• The first two wells of the 2025 drilling campaign are drilled and cased, each with a 3,000m horizontal section (10,000-foot). The rig will now rig up on the third and final well to drill the production hole and horizontal section.
• The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Sub-basin and is currently in line with timeline and budget.
• Up to a 60-stage stimulation across the full 3,000m horizontal section of one of the 2025 drilled wells is planned and is expected to be flow tested for 30 days in early 2026 prior to being shut-in ahead of the commencement of gas sales, which are expected to commence in mid-2026.
• In Q2 2026, following the wet season, the remaining three wells (which includes the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.
• All wells included in the Shenandoah South Pilot Project (“Pilot Project”) are expected to deliver the contracted 40 MMcf/d volume required under the Gas Sales Agreement (“GSA”) with the Northern Territory Government (“NTG”) subject to weather conditions and final stakeholder approvals.
• As previously announced, Falcon Australia opted to reduce its participating interest in the three wells drilled in 2025 to 0%, with no cost exposure.

Other recent highlights

• The BJV partners agreed terms with Native Title Holders to avoid flaring and received consent to sell appraisal gas from the proposed Pilot Project over a three-year period. Subsequently, the Northern Territory Government approved the sale of appraisal gas under the Beneficial Use of Gas (BUG) Legislation.
• The construction of the A$140 million Sturt Plateau Compression Facility (“SPCF”) commenced this month with earthworks and piling completed. Falcon has no cost exposure in the construction of the
• Work also commenced this month on the Northern Territory’s first-ever Beetaloo pipeline, with APA Group investing A$70 million to deliver the 37-kilometre Sturt Plateau Pipeline.

Source: Flacon Oil & Gas