MONDAY SEPTEMBER 07, 2015
7th September, Darwin, NT: While the Northern Territory has always maintained a strong economic history with its natural resources, developments in LNG have been comparatively recent. Over the past decade, the Northern Territory has increased production of its LNG resource base from virtually nothing, to now producing 19.7 per cent all Australian exports during the 2013-14 period.
Australia is the third largest exporter of LNG in the world accounting for more than 22 per cent of all global export production according to a 2014 IGU World LNG Report. With an expected $100 million government budget surplus for the 2014-15 period, the Northern Territory has experienced increased economic prosperity from its LNG developments over the past decade.
Despite enduring volatile and declining LNG and commodity prices central to the Northern Territory economy, the territory has witnessed above-normal growth and development. Yet government and resource sector leaders within the Northern Territory have their eyes set on diversifying the territory’s economic capabilities, along with announced commitments from the government to lower territory government debt.
In the latest 2015-16 budget the Northern Territory government pledged $1.39 billion towards the building of roads and public infrastructure; accounting for more than 20% of all government spending. This rapid investment is in addition to the Federal government’s $5 billion loan program to promote infrastructure investment across the region.
The recently released Northern Australia White Paper also promises exciting opportunities for continuing the financial and economic advantage of the Northern Territory, particularly in promoting economic reform and gaining the support of strategically close Asian neighbors, as a prominent hub for business and agriculture exports.
Territory government representatives along with executives from within LNG and resource sectors will gather at the Northern Territory Major Projects conference to discuss infrastructure options and upcoming projects within the territory. The yearly event has proven central to the development of the territory’s major infrastructure projects and strategic planning.
Some of the major developments currently taking place within the Northern Territory include the North East Gas Interconnector (NEGI) Project, the development of East Arnhem Land, the Palmerston Regional Hospital Development, the Whittaker Street Development, as well as a variety of different projects ranging from mining to public sector developments.
The Northern Territory is home to more than 3,000 kilometres of gas pipelines which connect both onshore and offshore gas and oil installments. Cheryl Cartwright, Chief Executive of the Australian Pipelines & Gas Association, will be presenting an address on behalf of the association; along with a host of influential speakers from within government and LNG resource sectors.
The territory has also experienced exciting developments in the way of cultivating economic partnerships; focusing on investment and healthy working environments for the facilitation of robust economic relationships within the region. CEO of the Developing East Arnhem Land project, Carley Scott, has been heavily involved in the co-ordination of business and economic opportunities within the Arnhem Land area.
The two day conference attracts close to 400 delegates annually and is endorsed by the Northern Territory government as an opportunity for industry leaders and government officials to share ideas on common challenges.
More details of the event are expected to be announced closer to the event date. The 6th Annual Northern Territory Major Projects Conference is being held at the Darwin Convention Centre on the 6th & 7th of October.