The Northern Territory Government has released the Northern Territory Economic Development Framework, which recognises the vital role that natural gas will play as one of the state’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 Northern Territory’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,” Mr Doman said.
“That is why we are working collaboratively with the Scientific Inquiry into Hydraulic Fracturing currently underway, and highlighting the strong environmental and social practices the industry maintains.”
Mr Doman said a 2015 study by Deloitte Access Economics found developing natural gas could increase Northern Territory Government revenues by almost $1 billion by 2040, and create up to 6300 new jobs – with many of these jobs created in regional areas.
The Northern Territory Fraccing Inquiry recently commissioned independent economic modelling to further evaluate the impact of new gas development.
The framework also identifies the renewable sector as a key emerging industry in the Territory.
“With natural gas already providing over 90 per cent of the NT’s electricity, the Territory is well placed to integrate an increased share of renewables without compromising reliability of its power supply,” Mr Doman said.