'monster' gas find off territory coast

AN exploration company believes it has found a "monster" gas field off the Territory coast.

Tangiers Petroleum said seismic data showed as much as 107 trillion cubic feet of gas could be lying in the Joseph Bonaparte Gulf.

"If this structure we've identified is full of gas, it's a monster - it's world class," Tangiers chairman Mark Ceglinski said.

Tangiers plans to drill two wells next year.

"That will be the ultimate determinant as to how much gas is there. But all the signals that we look for are positive."

Mr Ceglinski said if the drilling was successful, he expected the project to create thousands of jobs and bring billions of dollars in investment to the Territory.

"It is a very substantial opportunity and it's right on the doorstep of Darwin," he said.

"We are clearly aware that Darwin is interested in building business here. Darwin is rapidly becoming a gas and LNG hub."

Each trillion cubic feet of gas is valued about $1 billion.

"Even if it was only 10 per cent of what we think it is then it's a staggering size development ... it's game-changing," Mr Ceglinski said.

But despite the positive signs, the global success rate of similar discoveries is only 15 per cent.

"It's a very risky game - that is the great thing about it. We might spend $100 million and we might find nothing," Mr Ceglinski said.

"But we don't spend it unless we think there is a good probability we will find something significant.

"Australia has got a good track record but you might find gas and it might not be as good as you thought or you might find liquids or other contaminants that make it difficult.

"There are lots of things that can go wrong.

"But without any doubt it's probably one of the most exciting things in this region for a very long time."

http://www.ntnews.com.au/article/2011/08/24/255691_nt-business.html