$50m grants program to support further exploration of the Northern Territory’s Beetaloo Basin

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Minister for Resources, Water and Northern Australia Keith Pitt has announced the launch of a new grants program aimed at accelerating Australia’s gas-fired recovery.

Making the announcement, Minister Pitt said the $50 million Beetaloo Cooperative Drilling Program will provide grants of between $750,000 and $7.5 million to gas companies to support exploration of the Beetaloo Basin that occurs before 30 December 2022.

“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,” the Minister said.

“This Commonwealth grants program will support gas operators to speed up exploration and development of the Beetaloo Basin.

“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.”

Senator for the Northern Territory, Dr Sam McMahon, said 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.

“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 Senator concluded.

Image credit: https://www.industry.gov.au/news/the-beetaloo-strategic-basin-plan-released-as-part-of-the-gas-fired-economic-recovery