Top End Energy wins exploration permit for ‘untapped’ multi-billion dollar gas reservoirs

With several high-profile mining interests across the country already, one company has been awarded a shot for an ‘untapped’ multi-billion dollar gas pool.

West Australian miner Top End Energy has been awarded access to an “untapped” $17 billion pocket of the Territory’s onshore gas industry.

The ASX-listed group is the newest entrant to the gas-rich MacArthur Basin, joining major players Santos, Tamboran and Empire Energy.

Theirs is the 38th petroleum exploration permit handed out in the NT and the first since 2015, which Mining Minister Mark Monaghan said was “leveraging our largely untapped resources to attract more private investment”.

L-R: Top End energy managing director Oliver Oxenbridge, Mining Minister Mark Monaghan, and Department of Industry, Tourism and Trade senior director energy development James Pratt at Parliament House after inking the deal. Picture: Mitch Drescher

“Natural gas is the way of the future and the Beetaloo Sub-basin holds some of the world’s largest reserves of the highly sought after energy source,” Mr Monaghan said.

“This will in turn reduce power bills, build more critical infrastructure and create more working opportunities in new sectors for Territorians.”

Top End Energy also has existing interests in the Amadeus and Adavale Basins.

It has scoped out land southwest of Elliott for reservoirs of shale gas, natural hydrogen and helium.

Managing director Oliver Oxenbridge said the unlocked gas would supply both the Territory and east coast market.

Ahead of the August election, both Labor and the Country Liberal Party have backed gas as an economic windfall, although the Greens have opposed any new fossil fuel developments.

The gas industry is worth $630 million per year according to the NT government, with Territory businesses capturing $95 million from that pool.

Originally published as Top End Energy wins exploration permit for ‘untapped’ multi-billion dollar gas reservoirs