Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2013-05-14

Description

Tabled by David Tollner

Notes

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.

Language

English

Subject

Tabled papers

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

130 Mining and Manufacturing 2013-14 Budget The ABS reports that mineral and petroleum exploration in the Territory increased by 28.8percent to $414million in 2012. Growth was driven by a 181.2percent increase in petroleum exploration to $261million, partly offset by a 33.2percent decline in mineral exploration over the same period to $152million (Chart 10.5). Strong growth in petroleum exploration was in part due to an unprecedented level of onshore exploration activity. This primarily relates to increased interest in unconventional petroleum, such as shale oil and gas. New technologies have allowed explorers access to deep shale gas rock that has previously been inaccessible. During2012, significant exploration targets were identified in the McArthur Basin near Borooloola, Beetaloo Subbasin east of Dunmarra, Georgina Basin northwest of Baldwin, and the Amadeus and Pedirka basins southwest of Alice Springs. It also reflects substantial exploration activity in the Timor Sea and the JDPA driven by increasing global demand for natural gas, particularly in Japan following the meltdown of the Fukushima nuclear power plant in 2011. The Fukushima disaster also had a substantial impact on uranium exploration in the Territory, with expenditure declining by 26.5percent in 2012. Declining exploration activity for iron ore and gold were also behind the overall decline in mineral exploration. For a number of years, mineral and energy exploration activity in the Territory has been supported by the Territory Governments BringingForward Discovery initiative, which is designed to assist explorers with geosciences programs, geophysics and drilling as well as project facilitation and promotion. The initiative has facilitated exploration activity in the Territory over the past fiveyears. 1 Current prices Source: ABS Cat. No. 8412.0 Manufacturing Manufacturing is classified by the ABS as materials that undergo a physical or chemical transformation into new products. Commodities utilised as feedstock, such as bauxite and feedstock gas from the BayuUndan field are classified as mining, while LNG and alumina production are classified as manufacturing and are excluded from the output of the mining industry. Chart 10.5: Mineral and Energy Exploration in the Territory1 (movingannualtotal) 0 50 100 150 200 250 300 350 400 450 500 00 01 02 03 04 05 06 07 08 09 10 11 12 $M Calendar year Oil and gas Minerals Total


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