Viv Oldfield: NT’s $784m oil and agri empire backed by secret investors

Billionaires love the North Territory, with a record number of the country’s wealthiest people pouring money into Darwin and beyond.

Billionaires love the North Territory, with a record number of the country’s wealthiest people pouring money into Darwin and beyond.

At least four of Australia’s 10 richest people have Territory investments, led by mining magnate Gina Rinehart and technology leader Mike Cannon-Brookes.

Gina Rinehart tops this year’s edition of The List - Australia’s Richest 250, published by The Australian today, with an estimated $46.34bn fortune, and is one of a record 170 billionaires (including joint entries).

The sole Territorian on The List this year is Viv Oldfield, with an estimated $784m fortune.

Oldfield’s Silver City Drilling has a fleet of more than 25 drilling rigs operating in Australia, but his wealth is also derived from agriculture.

He paid $70m in 2023 to buy the Middle Creek cattle station in the Northern Territory, and has other holdings with business partner Donny Costello via the Crown Point Pastoral Company that owns eight properties across the Northern Territory, South Australia and Western Australia.

Silver City this year won a $100m multi-year contract to deliver up to 450 gas production wells for Arrow Energy’s 27-year Surat Gas Project in Queensland.

Mrs Rinehart’s Hancock Prospecting is a shareholder in critical minerals business Arafura Rare Earths, which is pursuing its rare earth Nolans Project, 135km from Alice Springs.

Meanwhile, Atlassian co-founder Mike Cannon-Brookes owns solar energy firm Sun Cable. It is planning a $40bn project including a 20 gigawatt solar farm in the Northern Territory, a transmission line to Darwin and a high-voltage undersea cable to provide a 4300km link to Singapore.

Gina Rinehart, Mike Cannon-Brookes and Viv Oldfield all make the Richest 250 list.

Rinehart and Cannon-Brookes are in the top 10 on The List this year, along with Andrew Forrest and Nicola Forrest.

Their Tattarang’s private investment business owns shares in agricultural giant AACo, which runs more than 400,000 head of cattle across the Northern Territory and Queensland.

Other members of The List with Territory connections include Sydney pub and hotel billionaire Sam Arnout, who owns Lasseters in Alice Springs and hotels and pubs there and in Darwin.

Brett Blundy is best known as a retail billionaire, but his BBRC also has 2.02 million hectares of beef farms across the Northern Territory, while Melbourne Kings’ Counsel Allan Myers owns the largest stake in the Tipperary Group of Stations in the NT, comprising about 386,000 hectares, and WANT Cotton, which has built a $70m cotton gin north of Katherine.

WANT produced 55,994 cotton bales in 2024, with estimates it could process up to 100,000 bales in coming years as northern Australian cotton production increases.

Then there is the billionaire Paspaley family, long associated with Darwin.

The Paspaley Group has pearling operations and upscale retail boutiques, but also has extensive farming and property assets, including the Charles Darwin Centre in Darwin and a ship repair and engineering facility in Darwin.

Total wealth for the 250 names on The List this year reaches $689.52bn, and the average wealth is $2.76bn.

There are 19 new names, led by Wall Street identity Michael Dorrell. The co-founder of infrastructure investment business Stonepeak debuts in 13th position with estimated wealth of $13.54bn.

The youngest person on The List is Robbie Ferguson, 28, the co-founder of tech firm Immutable. The oldest is 101-year-old poker machine pioneer Len Ainsworth.

The cut-off to make The List sits at $635m, a mark reached by New York-based Rokt founder and chief executive, Bruce Buchanan.
The 2025 edition of The List – Australia’s Richest 250 is published on Friday in The Australian and online at www.richest250.com.au