The newly-released Northern Territory budget has included initiatives to facilitate development of the region’s energy sector.
Announced by NT Treasurer Nicole Manison, the budget saw the local government recommit to the Gas Strategy, a five-point plan to develop offshore and onshore gas resources in the NT in order to create new jobs and manufacturing opportunities.
Ms Manison allotted $6.5 million to continue the four-year $26 million Resourcing the Territory program, which aims to stimulate resource exploration and investments.
Additionally, the government put down $1.4 million to continue to implement the recommendations of the NT’s scientific inquiry into hydraulic fracturing, which will include coordination and advice on petroleum and environmental matters.
Australian Petroleum Production and Exploration Association (APPEA) External Affairs Director Matthew Doman welcomed the inclusion of the oil and gas industry in the budget, saying the sector had a “crucial role” to play in growing the NT’s economy and population.
“The industry remains committed to working with the Territory Government and local businesses community to maximise opportunities for employment,” he said.
“APPEA’s members stand ready to invest billions of dollars into the local economy and play our part in shaping the Territory’s future.”
Despite debt in the NT forecast to grow to $6.2 billion next financial year, increasing exports from INPEX’s Ichthys LNG Project is anticipated to deliver some economic growth.
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