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 $50 million (Aus.) for exploration that occurs before June 30, 2022.
The funding aims to fast-track drilling by providing grants to cover 25% of eligible exploration costs, capped at $7.5 million (Aus.) per well and three wells per exploration venture.
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 10 years,” he said. “Industry analysis estimates the development of the sub-basin could increase economic activity by between $18 billion (Aus.) and $36.8 billion (Aus.) over the next 20 years,” he said.