A little snippet from ABC shows favourable support from NT Govt...

A little snippet from ABC shows favourable support from NT Govt for the mining industry.

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Laws altered for oil and gas exploration in NT
By Emma Masters

Posted Mon Nov 23, 2009 4:00pm AEDT

Map: Darwin 0800
Legislation will be introduced to the Northern Territory Parliament early next year to remove a disparity between conditions on minerals exploration and oil and gas exploration.

The Petroleum Act prevents oil companies from renewing their exploration licenses, but mining companies are able to apply for extensions.

The Minister for Resources, Kon Vatskalis, says a number of oil companies have voiced their concerns about the restriction.

He says there is increasing interest in oil and gas exploration in the Territory and the legislation change will boost the opportunity to find the resources and develop a local industry.

"The Government will look to actually bring those to act in entirety, so what applies in the Mining Act will apply to the Petroleum Act," he said.

"And when this passes from Parliament, if it passes from Parliament, it means the Minister will have the option to extend the licenses for a limited period of time if all other conditions are satisfied."

If oil and gas exploration proves successful, it could have a major effect on the Territory economy, he says.

"He says a change to exploration license conditions through the introduction of legislation next year will pave the way for more work to be done in the area.

"If we find oil and gas in the Territory, the whole situation will change," he said.

"First of all because all the royalties will go to the Territory and secondly because they will support development of a petrochemical industry here in the Territory with all associated benefits like money and of course jobs, jobs, jobs."

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Go CTP go!!!!!!!