A Northern Territory oil and gas supply industry worth hundreds of millions of dollars a year within ten years – that’s the picture being painted by Chief Minister, Paul Henderson. The business is currently worth about A$150 million a year.
And another bit of crystal balling comes from Access Economics who say that the Territory's economy will grow by 3.2 per cent this financial year. It would then would speed up next year and reach 5 per cent; and then run at 4.1 per cent until 2015 equal to Western Australia.
The boost will be primarily be driven by strong growth in engineering and construction activity through major projects, housing construction and international exports, says Northern Territory Treasurer, Delia Lawrie.
Access Economics argues that the Northern Territory economy is "all revved up with nowhere to go," because it is between major projects. Among the big projects waiting to get under way is the Kitan oil field off the Northern Territory coast.
Chief Minister Henderson says that up to ten floating gas platforms could be operational within a decade. A key element of preparing for the gas-fired economic revolution is the setting up of the Marine Supply Base at East Arm.
The NT Government has earmarked A$5 million towards the base in the upcoming Budget, which will partly be used to assess tenders by three big consortiums to establish and operate the base.
Prepared by Bob Woodward & Associates: offering you business consultancy, accounting, payroll administration and ancillary services in Darwin; The Northern Territory, Australia