Tamboran Resources and its joint venture partner have committed to a pilot project in the Beetaloo Basin, Northern Territory, with the goal of commencing gas sales by mid-2025. This final investment decision follows agreements with the Northern Territory government and Northern Land Council regarding necessary approvals. Tamboran Resources is an Australian natural gas company focused on developing its significant low CO2 unconventional gas resources in the Beetaloo Basin in the Northern Territory. Tamboran seeks to provide a secure source of energy to address energy transition.
Funding for the project is supported by a financing agreement of up to $179.8 million from a consortium of lenders. These funds will be used to construct a gas compression unit essential for the pilot project. The Northern Territory government is partially underwriting the loan with a commitment of $75 million, addressing a decline in local gas supplies for power generation.
According to Tamboran, sanctioning the pilot project marks a significant advancement for the company, the Beetaloo Basin, and the Northern Territory. Securing project financing allows Tamboran and their partner to proceed with a pilot project to accelerate gas production and commence sales by the middle of next year. This endeavor aims to bolster the Northern Territory’s gas supply and stimulate economic growth in the region.
The Beetaloo Basin is a large geological formation in the Northern Territory thought to hold substantial natural gas reserves. Development in this region is a politically sensitive topic, as some parties express concerns about environmental impacts and the interests of indigenous communities.
