Budget Paper 1994-95 No.6 Northern Territory Economy
Tabled Paper 2156
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
1994-05-12
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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https://www.legislation.gov.au/Details/C2021C00044
https://hdl.handle.net/10070/292876
https://hdl.handle.net/10070/398240
Mining billion cubic metres o f gas. Other significant discoveries o f proved plus probable reserves indicate further reserves o f 22 million cubic metres o f oil and 223 billion cubic metres o f gas. Developments in the Timor Sea provide the main potential source for any expansion o f oil production in the foreseeable future. A consortium led by Sumitomo has purchased interests in the Bonaparte G ulf gas fields for the development o f liquid natural gas supplies. While the timing o f this development is uncertain, it has the potential to add a significant new dimension to economic activity in the Territory. The Territory uranium industry has suffered over the last three years due to the world over supply o f uranium and consequent downward pressure on prices. Present forecasts for rising prices, following the gradual reduction o f excess stocks and strengthening new demand for power generation, should see uranium production increase in the future.