NT releases economic development framework

PERTH (miningweekly.com) – The oil and gas industry has welcomed the Northern Territory government’s release of its Economic Development Framework, with the Australian Petroleum Production & Exploration Association (Appea) saying it recognised the vital role that natural gas will play as one of the region’s major growth sectors.

“The Economic Development Framework being released today is a clear, long-term work plan into the future that sets out actions to create more jobs by accelerating economic development and attracting private sector investment.

“This plan will help shape the Territory’s economic development over the next ten years,” Northern Territory Chief Minister Michael Gunner said on Tuesday.

The energy and minerals sector was tapped as one of the five growth sectors for the territory, with the government identifying a number of high level actions required to allow the region to benefit from its resources wealth.

This included driving exploration and growth in the energy and minerals sector, developing a communication strategy to inform the community of benefits from industry activity, collaborating with industry and reviewing legislation to improve consistency in applying legislation.

The government will also look to attract major gas corporations to establish regional or national headquarters in Darwin.

Appea Northern Territory director Matthew Doman said that 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,” said Doman.

“That is why we are working collaboratively with the Scientific Inquiry into hydraulic fracturing currently under way and highlighting the strong environmental and social practices the industry maintains.

“The industry also recognises the need to inform territorians of the benefits from the development of onshore gas, including opportunities for local businesses and jobs.”

Doman pointed out that a 2015 study by Deloitte Access Economics which found developing natural gas could increase territory government revenues by almost A$1-billion by 2040 and create up to 6 300 new jobs, with many of these jobs created in regional areas.