Tamboran's Beetaloo development secures 'major project' status
Tamboran Resources' Beetaloo basin development has been awarded 'major project' status by the Northern Territory government, the company announced on June 19.
This status provides Tamboran with significant benefits, including NT government's recognition of the Beetaloo basin's importance to the state’s economic prosperity. It also includes continued support for Tamboran as it advances its local development plans in the Beetaloo basin, with first gas being supplied to Territorians ahead of the target East Coast domestic gas and LNG export projects. Additionally, the status ensures a streamlined regulatory approval process, including a dedicated project case manager to assist with coordinated and efficient communication within the government.
"Recognition of major project status demonstrates the NT government's support for the development of the Beetaloo Basin. It also recognises Tamboran's commitment to work closely with the government to ensure the benefits of our development are delivered to all stakeholders within the Territory,” said Tamboran CEO, Joel Riddle.
Tamboran’s key assets include a 38.75% working interest and operatorship in EPs 98, 117, and 76, a 100% working interest and operatorship in EP 136, and a 25% non-operated working interest in EP 161, all located in the Beetaloo basin.
The company this week launched its proposed initial public offering on the New York Stock Exchange (NYSE), aiming to raise up to $175.5mn. The proceeds will primarily fund the Shenandoah South Pilot project in the Northern Territory.
The additional capital will also fund the proposed 6.6mn tonnes/year Northern Territory LNG (NTLNG) pre-frontend engineering design (FEED) work, other Beetaloo basin activities, and general working capital. The NTLNG project aims to develop a fully integrated onshore LNG facility in the Northern Territory, encompassing upstream, midstream, and downstream operations. The development is expected to be supported by gas sourced from the Beetaloo basin.
Tamboran recently told NGW that it had started preparing for pre-FEED for the NTLNG development and expects to announce details in mid-2024.