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Investment could fuel massive oil and gas base in NT

A surge of major foreign investments into Northern Territory resources could see the region transformed into a “massive oil and gas base” within 10 years, according to Northern Australia Minister Matt Canavan.

If achievable, such an increase could haul the NT out of the economic doldrums, Mr Canavan said, as the economy struggles in the wake of the biggest construction project ever undertaken in Darwin.

Inpex’s $55 billion Ichthys LNG plant was officially opened in Darwin this morning, marking a turning point from project construction to gas production in what has been touted as the largest ever foreign investment by Japan on Australian shores.

In front of Japanese ministerial counterparts and business leaders, Mr Canavan leveraged off the historic moment to call for further Japanese investment into Northern Australia.

“While we’re here celebrating the past and what has been achieved, I do want to signal that we want more investment from Japan here in Australia,” he said, to laughs from Japanese Government and business officials. Read more…

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