Media Release: Gas industry commits to boosting economy with Finocchiaro Government

Northern Territory’s oil and gas industry looks forward to working with the incoming Finocchiaro Government on the sector’s strategic plan to power the economy.

After an election campaign in which both major parties supported gas development, Australian Energy Producers today committed to work with Chief Minister-elect Lia Finocchiaro to deliver the economic benefits of the industry’s five-point strategic plan, Powering the Territory.

Australian Energy Producers’ NT Director David Slama said: “The oil and gas industry congratulates Lia Finocchiaro on her election victory and looks forward to working with her government.

“A new term of parliament offers the opportunity to deliver on the economic promise of the Beetaloo Basin as appraisal gas moves into full scale production, providing energy security and economic benefits for the region.”

Both parties have supported Australian Energy Producers’ plan for the NT to realise the potential of the gas industry and drive economic and employment growth while delivering reliable and affordable energy:

• Deliver energy security for the NT.
• Unlock the economic and employment opportunities of gas.
• Streamline approval processes to bring on new gas supply sooner.
• Incentivise and support low emission technologies.
• Support a strong LNG export industry.

Providing 86 per cent of power generation, $5.8 billion in annual economic activity and supporting more than 6,000 local jobs, natural gas is essential to the NT’s energy security and economy.

Mr Slama said: “Gas companies stand ready to get the gas flowing but we need efficient approval processes to bring on supply and deliver energy security.

“The region has a thriving and established LNG industry the NT can be proud of. Now is the time to grow our onshore industry while investing in emissions reduction measures to deliver cleaner energy.

“Carbon capture, utilisation and storage (CCUS) technology is key to ensuring growing manufacturing and industrial activity in the NT is aligned with emissions reductions goals.”

Mr Slama acknowledged the efforts of the outgoing government, especially its work progressing development of the Beetaloo Basin.