The Territory Government and Mereenie and Palm Valley joint ventures have signed a six year gas supply deal commencing from 2025.
The agreements will provide energy security to the Territory until the end of 2030.
The gas will be supplied by Central Petroleum, New Zealand Oil & Gas, Horizon Australia Energy and Cue Energy from the Mereenie and Palm Valley Fields, both located in the Northern Territory, providing up to 29 Terajoules of gas per day.
The Mereenie and Palm Valley Fields are the largest onshore gas production fields in the Territory and have been secure energy sources for over 40 years.
Within the Territory the Mereenie and Palm Valley joint ventures provide over 40 working opportunities for Territorians in Central Australia.
Quotes attributed to Chief Minister Eva Lawler:
"Providing more energy security for Territorians allows us to keep our power prices fair for Territorians.
"The signing of this renewed gas deal will continue to support training and working opportunities in the Territory, particularly in Central Australia."
Quotes attributed to the Minister for Mining Mark Monaghan:
"Another gas deal signed which is another indication to industry that we support them."
"We support the jobs and training it brings, along with providing secure energy for Territorians."
Quotes attributed to Central Petroleum Managing Director and Chief Executive Officer, Leon Devaney:
"The Mereenie and Palm Valley joint venture partners are excited to play a critical role in supplying Territory gas to Territorians with these firm, long-term domestic gas contracts which are backed by proven reserves."
"The Mereenie and Palm Valley fields have a long history of providing energy to fuel mining and industry in the Territory and this GSA provides around 40% of the Northern Territory gas demand."
"These fields contain over 200 PJs of 2P reserves (9 years of NT current demand) and these contracts facilitate accelerating further investment to increase gas production and provide future energy for the Territory"
Northern Territory Government
