More federal cash for Beetaloo gas exploration, including millions for NLC | NT Independent

More federal cash for Beetaloo gas exploration, including millions for NLC

by | Mar 7, 2022 | Business | 0 comments

Federal Resources Minister Keith Pitt was in Darwin on Monday to hand out more taxpayer-funded grants to oil and gas companies to “boost the development of the nation’s gas reserves” by speeding up exploration of the Territory’s Beetaloo Sub-basin.

Mr Pitt also announced the Northern Land Council will be awarded $2.1 million to “support” traditional owners and native title holders make “informed and timely decisions regarding development activities in the Beetaloo”.

The NLC money will be used to employ more staff, improve meeting facilities and provide equipment for communities in the basin, the government said.

“The ongoing development in the Beetaloo Sub-Basin is increasing the demand for the NLC’s consultation and negotiation services,” Mr Pitt said.

“This grant means the NLC will have additional capacity to undertake its functions in regards to development activities in the Beetaloo.”

Meanwhile, Mr Pitt announced a $7.5 million grant to Sweetpea Petroleum, a subsidiary of Tamboran Resources, that he said will “further assist” the industry in producing the Beetaloo’s gas reserves.

“This grant under the Beetaloo Cooperative Drilling Program is expected to bring forward $52 million in private investment at Sweetpea Petroleum’s Maverick 1 well,” he said.

“Investment such as this will help accelerate gas development in the Beetaloo, which has the potential to create thousands of jobs.”

When asked why the Federal Government was subsidising oil and gas companies with public funds, he said Australians would see “significant investment from those companies”.

“This seven and a half million dollar grant will result in $52 million in private investment from Sweetpea,” he said.

“That sounds like a pretty good return to taxpayers to me.”

Mr Pitt added the funding was part of the Coalition Government’s “gas led recovery”.

“We should take the energy crisis in Europe as a warning of what could happen in Australia if there is not enough investment in the gas sector,” he said.

“As uncertainty grips the world, our international partners will look to Australia for the resources they need to provide energy security.”

The nearly $7.5 million Sweetpea grant announced in Darwin on Monday comes from the Beetaloo Cooperative Drilling Program, which is part of the Beetaloo Strategic Basin Plan, which the Federal Government has committed to funding with $226 million.

The $2.1 million to the NLC comes from the Beetaloo strategic plan.

An NLC spokeswoman said the funding will assist traditional owners “in relation to onshore gas activities in the Beetaloo basin”.

“The NLC will apply this funding towards ensuring that native title holders and traditional Aboriginal owners are empowered to make informed decisions regarding proposed onshore gas development on their land,” she said.

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