The Finocchiaro CLP Government is committed to rebuilding the economy through a strong and competitive resources sector, as new figures confirm a significant surge in petroleum exploration investment across the Territory.
Australian Bureau of Statistics data shows petroleum exploration expenditure in the Northern Territory reached $200 million in the December 2024 quarter, which is the second-highest quarterly result on record in the NT.
For the full calendar year, petroleum exploration expenditure totalled $369.7 million, an increase of 469% from the 2023 figure of $78.8 million, reinforcing the Territory's position as a key destination for investment in resource development.
Minister for Mining and Energy Gerard Maley said the figures highlight growing investor confidence in the Territory's world-class gas basins and the Government's commitment to unlocking economic opportunities.
"These results confirm that investors see the Northern Territory as a powerhouse for resource development, with our onshore gas basins leading the way in creating jobs and driving economic growth," said Mr Maley.
"Importantly, this investment translates into real benefits for Territorians, with more jobs and more opportunities for local businesses supporting the sector."
A significant proportion of this expenditure is likely to have been onshore, primarily in the Beetaloo Sub-basin and Amadeus Basin.
In total, petroleum and mineral exploration expenditure in the NT for 2024 reached $545.7 million, which is the second-highest combined annual exploration investment ever recorded in the Territory, behind the peak in 2014.
Mineral exploration faced more challenging market conditions in 2024, along with a downturn in prices for many critical minerals, contributing to a decline in NT expenditure. This reflected a broader national trend across all jurisdictions.
Total expenditure for the calendar year reached $176 million, a 23% decline from 2023, but still the fourth-highest annual expenditure on record.
The transition to a new environmental licensing regime also impacted activity, but with regulatory changes now in place, the sector is expected to stabilise in 2025.
"The NT Government is backing our resources sector because it is the backbone of our economy and a key driver of economic recovery, and we remain focused on ensuring the Territory remains a leading jurisdiction for exploration, investment, and job creation," said Mr Maley.
