The Northern Territory Government is creating investment opportunities for the resource sector with the announcement of a new acreage release for onshore petroleum exploration.
Applications and submissions for an exploration permit are now invited over two areas in the southern Georgina Basin, on the Northern Territory/Queensland border.
The area being released covers some of the most prospective areas of the southern part of the Georgina Basin, which is known for organic-rich shales and widespread documented oil and gas.
The total area is 30,780 square kilometres or 392 full and part blocks.
Previous exploration work over the area includes 2D seismic surveys and thirteen exploration wells, some of which have undergone hydraulic fracture stimulation and testing.
The competitive bid process is open from June 16, 2021 for a period of 5 months.
The Minister for Mining and Industry Nicole Manison will consider the applications and submissions and determine what areas, if any, will be made available for the granting of an exploration permit application.
Manison said the Territory Labor Government are focused on securing investment opportunities for the Territory and creating more local jobs.
“We are leading Australia’s economic recovery and taking an important step to drive more regional economic development,” she said.
“In April, we announced record funding of $9.5m for more mineral exploration to drive more mining development and create more jobs across the Territory, with the funding to be on going.
“Our message is clear, if you are looking for the next resource development, come to the Territory.”