Australia Aims To Replicate US Shale Revolution

  • Date: 18/04/18
  • Financial Times

Australia’s Northern Territory has lifted a moratorium on fracking, the process of extracting gas from shale rock, to replicate the US shale revolution in a vast region with massive mineral resources.

The decision on Tuesday was welcomed by the oil and gas industry, which is promising to invest billions of dollars in exploration and create thousands of jobs in an underpopulated region roughly six times the size of the UK.

Australian energy companies Origin Energy and Santos have identified the Northern Territory as a potential source of gas to meet a shortage of the fossil fuel in Australia, which has led to surging energy prices and prompted Canberra to implement export controls on liquefied natural gas — one of the country’s most valuable exports.

“Member companies stand ready to invest billions of dollars in new projects in the territory,” said Malcolm Roberts, chief executive of the oil and gas industry lobby group Appea, after the territory’s government’s decision to lift the moratorium.

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