The Northern Territory is sitting on a treasure trove of unconventional gas that could deliver thousands of jobs and almost $1 billion of government revenue if costs can be reduced to make development economic, a new report has found.

The analysis by Deloitte Access Economics, to be released on Wednesday, puts the potential increase in the NT's gross state product at a cumulative $22.4 billion over the 2020-40 period in the "aspirational" scenario that sees shale and tight gas developed both for LNG and for supply to east-coast markets.

Even in the "success" scenario, which envisages a slightly more modest development, the increase to the NT's gross state product is put at $17.2 billion over the 20 years compared with a scenario where the gas stays in the ground.

The NT could hold a massive 234 trillion cubic feet of shale gas, says the territory's Geological Survey, an estimate that has lured several international players working to test acreage by drilling. Last week, junior explorer Armour Energy revealed an initial deal with American Energy Partners, the company of United States shale pioneer Aubrey McClendon, for a $US100 million ($139 million)  exploration venture that would see AEP take a 75 per cent stake in acreage in the NT's McArthur Basin.