Empire to speed up investment in NT's Beetaloo
Empire Energy on May 4 said it will speed up its investment decision after Northern Territory’s (NT) green light for developing the Beetaloo basin.
Northern Territory government on May 3 announced the finalisation of all 135 recommendations of the 2018 Scientific Inquiry into Hydraulic Fracturing in the NT chaired by Justice Rachel Pepper, establishing a platform for approval of gas production in the Beetaloo sub-basin. Finalisation of the recommendations sets the scene for approval of gas production in the Beetaloo sub-basin including Empire's EP187 Carpentaria pilot project.
“This announcement gives Empire management the confidence to accelerate our investment decision and planning processes as Empire moves towards pilot production,” the company said. “The regulatory framework the NT government has put in place is now amongst the most extensive and robust in the world, and will allow the safe and sustainable development of the Beetaloo's abundant natural gas resources.”
Empire managing director Alex Underwood said his company is committed to meeting the highest operational and environmental standards and collaborating with government, traditional owners, other landholders and the broader community to ensure the benefits of the development of the Beetaloo's natural resources will be shared across the Northern Territory and in other areas that support that development.
“Gas is a critical enabler of the energy transition and an irreplaceable feedstock for many products on which we rely in our modern lives. The Beetaloo's low CO2 gas will play an important role in providing the NT, Australia and the Asian region energy security for decades,” he said.
“Building on the encouraging results of our exploration activity over the last four years, we look forward to submitting applications for all required approvals to enable us to move into gas production and the delivery of much-needed new gas supply to the Australian domestic market, and subsequently to increase LNG exports, already the NT's largest source of foreign income and a significant contributor to Federal Government revenues,” Underwood added.