Funding to accelerate exploration and appraisal activities in the Beetaloo sub-basin

The Beetaloo Cooperative Drilling Program provides entities incorporated in Australia with funding to accelerate exploration and appraisal activities in the Beetaloo sub-basin.

The Beetaloo Cooperative Drilling Program is a component of the Beetaloo Strategic Basin Plan delivered under the Australian Government’s broader Gas-fired recovery plan. The program aims to accelerate exploration efforts by the end of 2022.

The objectives of the program are to:

• accelerate exploration and appraisal activities for prospective petroleum resources in the Beetaloo sub-basin
• incentivise drilling in the Beetaloo sub-basin to deliver approximately 10 additional wells to build a comprehensive understanding of the resources.

The intended longer-term outcomes of the program are:

• accelerated development of the Beetaloo sub-basin as a potential world-class gas province and aid commercial investment decisions
• maximising the downstream value of the gas industry for the Northern Territory and contributing to gas security across Australia in line with the broader gas strategy.

The Australian Government has announced a total of $50 million over 2 years from 2021–22 to 2022–23 for the program. Allocation of the funding will be subject to demand.

The grant amount will be up to 25% of eligible project expenditure.

• The minimum grant amount is $750,000.
• The maximum grant amount is capped at $7.5 million per well. You can apply for up to 3 wells.

You are responsible for the remaining eligible project expenditure plus any ineligible expenditure.

You can apply to this program until the available funding for this grant opportunity is fully subscribed, or by 30 June 2022, whichever occurs earlier.

You must submit an application per well and can submit a maximum of 3 applications.