Australia’s Northern Territory Labour win creates uncertainty
Australia
DARWIN, August 29, 2016 – The Australian Labor Party (ALP) won the Northern Territory general election on Saturday, a result that is likely to impact the development of the state’s onshore gas sector and deter foreign investment.
The ALP promised during its campaign to implement a moratorium on fracking in the Northern Territory until the technique’s environmental impact is fully known. Australia’s Pangea Resources already suspended drilling works in the Northern Territory in February 2016 due to concerns over a potential fracking ban.
Estimates put prospective shale and tight gas resources in the state at up to 7.65 tcm (270 tcm). The state’s proximity to Asia’s markets and existing oil and gas infrastructure has attracted a number of local and international oil companies in the region, including Japan’s Inpex, South Africa’s Sasol, and Santos, Origin Energy, Beach Energy and Central Petroleum of Australia.
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