Oil and Gas News

$7.5m exploration grant for Beetaloo Sub-Basin

Carpentaria, Beetaloo Basin

Federal resources minister Keith Pitt has granted another $7.5 million to the gas industry to drill for gas in the Northern Territory’s Beetaloo Basin.

The funding grant was awarded to Sweetpea Petroleum, a subsidiary of Tamboran Resources, to undertake exploration drilling at Beetaloo. 

Minister Pitt used the Russian invasion and the subsequent fallout for the energy market to justify the government’s ongoing support for expanding Australia’s gas industry. 

“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,” said Minister Pitt. 

“Beetaloo has the potential to provide a world-class gas resource and we are determined to support its development as part of our 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.”

On Wednesday 9 March, Minister Taylor declared that European nations are now regretting not pursuing a “gas-fired recovery” after nations have progressively banned Russian oil imports in response to Vladimir Putin’s invasion of Ukraine. 

Minister Taylor said that Australia had been correct to continue expanding oil and gas developments, keeping a “foot on the accelerator” in terms of fossil fuel developments.  

“We’re investing in new supply for gas and oil in places like the Beetaloo Basin, where there is enormous potential – we’ve kept our foot on the accelerator here in Australia because we know that is the right thing,” Minister Taylor said. 

Minister Taylor said tight global gas markets have reinforced the importance of continued investment in Australia’s gas resources to avoid the supply shortfalls and high prices being experienced internationally.

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