Minister for Resources, Water and Northern Australia Keith Pitt said $50 million in grants will be provided through the Beetaloo Cooperative Drilling Program
Australia announces new grants to unlock Beetaloo Basin potential. (Credit: Anita starzycka from Pixabay)
Australia’s gas-fired recovery has taken another step forward with the launch of new grants to support further exploration of the Northern Territory’s Beetaloo Basin.
Minister for Resources, Water and Northern Australia Keith Pitt said $50 million in grants will be provided through the Beetaloo Cooperative Drilling Program.
“The program is expected to deliver approximately 10 additional exploration wells in the Beetaloo by 2022, and bring forward at least $150 million of private investment from companies.
“This Commonwealth grants program will support gas operators to speed up exploration and development of the Beetaloo Basin,” Minister Pitt said.
“These grants are a key component of our Government’s agenda to bring gas from this world class resource into the market by at least 2025.
“The Beetaloo Cooperative Drilling Program is part of the Beetaloo Strategic Basin Plan and the Government’s $224 million commitment to the Beetaloo,” Minister Pitt said.
Senator for the Northern Territory, Dr Sam McMahon, says it will be a major local economic driver.
“The Plan is expected to generate significant development in the Top End, creating up to 6,000 jobs over the next 20 years and helping Australia remain a world leader in gas,” Senator McMahon said.
“This investment by the Morrison-McCormack Government will provide new opportunities for thousands of Territorians and ensure the NT can emerge from the COVID-19 pandemic in a strong position.”
The Beetaloo Cooperative Drilling Program will provide grants of between $750,000 and $7.5 million, up to a total of $50 million, to gas companies to support exploration that occurs before 30 December 2022.
Source: Company Press Release