Alberta Oil Development to develop 2.6 million barrels of oil in the Northern Territory
News flash: It looks like Albertas Oil Development is making progress in the northern Territory, after it was awarded $2.6 billion in the 2017 Northern Territory Government’s Economic Development Fund.
The NT Government has given Albertan Oil Development $1.1 billion to help it to complete a major expansion in the Hunter region.
The $2 billion investment will create a new $1 billion refinery at Port Kembla.
It will also create a second $1bn oil storage facility at the nearby Mooloolaba Basin, and $300 million in additional development for the oil and gas sector in the Murray Basin.
The Hunter and Moolooaba Basin are two of the largest oil and natural gas reserves in the world, and have the potential to supply as much as 10 million barrels per day of oil.
The development will also allow Albertans to export its oil to markets around the world.
Albertas is also building a refinery and storage facility in Queensland’s north-west, which will allow it to export oil to the Port Kemble and New South Wales.
Alboras announced it had secured $1 million in the fund to help pay for the expansion.
Topics:energy-and-utilities,business-economics-and.environment,government-and -politics,federal—state-issues,mining-industry,oil-and/gas,nsw,darwin-0800,nt,newcastle-2300First posted September 24, 2019 09:04:00Contact Sarah McEvoyMore stories from New South Welsh