Territory Stories

Budget Paper 1994-95 No.6 Northern Territory Economy



Budget Paper 1994-95 No.6 Northern Territory Economy

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Tabled Paper 2156


Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT




Tabled by Barry Coulter


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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Mining Figure 8.4 $ million 1200 1000 Northern Territory Energy Production 1987/88 1988/89 1989/90 1990/91 1991/92 1992/93 1993/94* Source: Dept, o f Mines and Energy * NT Treasury estimate Oil production in 1992/93 was 3 322 megalitres worth $530 million, a 10% decline from the previous year. A BHP Co Ltd led consortium struck oil at Elang No. 1 in the Timor Sea during February 1994, the first successful find in the area. Initial tests produced 6 000 barrels per day, but production has been suspended pending the establishment o f required production levels. Production from the Alligator Rivers uranium province for the first six months o f 1993 was valued at $76.5 million, up 2.5% compared to $74.6 million during the same period 1992. The increase in value reflects an increase in production from 1 270 tonnes to 1 342 tonnes. Energy Outlook ABARE forecasts oil prices to rise by 3 to 4% in the short term and uranium prices to increase by 10% during 1994. Oil production in the Territory is export oriented with production forecast to remain stable in the short term. Known commercial reserves are 28.6 million cubic metres o f oil and 28.5 4 7

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