Beetaloo chosen as first of five Federal Govt gas basin projects to lead Australia’s economic recovery

THE NT’s Beetaloo Basin will get top priority as the first of five strategic basin plans the Morrison government earmarks for delivery to spearhead a gas-fired recovery for Australia

THE Northern Territory’s Beetaloo Basin will get top priority as the first of five strategic basin plans the Morrison government earmarks for delivery to spearhead a gas-fired recovery for Australia.

Prime Minister Scott Morrison says a gas-fired economic recovery is a key part of his JobMaker scheme for the nation and he will announce plans for an Australian Gas Hub.

It will be delivered through a sequenced plan of 13 measures that will establish an open and competitive hub model, like the Henry Hub in the United States.

Mr Morrison said unlocking supply was key to driving down gas prices and the NT’s Beetaloo Basin would be the first priority in line with a National Infrastructure Plan.

“By closely working with industry, the government will drive the establishment of a future gas market that is competitive both domestically and internationally,” Mr Morrison said.

Kyalla 117, 600km southeast of Darwin between Daly Waters and Elliott, is the first of two new Origin Energy appraisal wells to be drilled and fracture stimulated to help determine the potential of the resource in the Beetaloo Basin. Picture: Supplied

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“This plan will ensure investment continues in gas developments, while supporting our manufacturers, providing lower power prices to households and improving the reliability of the electricity grid.

“To back in gas, and the job opportunities it creates, the government will invest $52.9m in the 2020-21 budget on three key areas across the gas supply chain — unlocking supply, delivering efficient transportation, and empowering consumers.”

Mr Morrison said “to encourage investment in gas developments and to unlock additional gas supply to counter the forecast shortfall, the government will deliver five strategic basin plans, beginning with the Beetaloo Basin Plan and followed by the North Bowen and Galilee Basin Plan.”

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“The first basin plan will build on work already under way for the Beetaloo Sub-Basin. This will help industry unlock the potential of this world-class gas resource,” he said.

“This builds on the $8.4m delivered through the 2019-20 budget to support development of Beetaloo.”