Beetaloo Basin gas could supply Australia for 237 years, report finds
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The news: A new report by Market Forces says the amount of gas in the Beetaloo Basin is well beyond what the domestic market could reasonably need, finding the basin holds enough gas to meet Australia’s current domestic demand for 237 years.
The numbers: The report claims fracked gas from Beetaloo would produce more than nine times the entire gas demand forecast for Australia’s national electricity market for the next 25 years.
Market Forces, an investor advocacy group, noted that over the past 10 years, wholesale gas prices have more than quadrupled despite east coast Australia more than doubling gas production.
The context: Market Forces also found the vast majority of Beetaloo’s gas would be shipped overseas, as less than two years of liquefied natural gas exports from just Queensland would cover all demand the Australian Energy Market Operator forecasts for gas power generation until 2050.
The Northern Territory government gave the go-ahead for fracking in Beetaloo in 2023, but the development has faced stiff opposition from environmentalists and some Indigenous groups.
The source: Market forces media release
