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Origin Energy quitting Beetaloo fracking project an ‘indicator’ of gas industry’s future, analyst says & More Breaking News

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Origin Energy’s decision to withdraw from fracking the Northern Territory’s Beetaloo Basin could be a sign of the gradual declining role of gas in Australia, says Tony Wood, energy program director at the Grattan Institute.

Announcing the decision on Monday, Origin said it will sell its exploration interests in the basin to Tamboran Resources and its substantial shareholder, Bryan Sheffield, for $60 million, subject to consent from the NT government.

It expects to lose between $70 million and $90 million as a result of the move, but has struck deals to buy gas and receive a royalty payment of 5.5 per cent of revenue from gas if production goes ahead.

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The basin, about 500 kilometres south-east of Darwin, has become the centre of a heated contest between gas companies, traditional owners and environmentalists, as governments push to meet emissions targets.

There have also been warnings that there might not be enough carbon credits in Australia to offset all emissions from fracking in the basin.

The Beetaloo sits near populated cattle country and Indigenous land.(ABC News: Hamish Harty)

Tamboran Resources last week told the ASX it needed time to raise money to fund its stake in the Beetaloo transaction.

The gas junior has previously come under fire for failing to appear at a Senate inquiry into the Morrison government’s controversial grants program, from which it received $7.5 million of gas subsidies earlier this year.

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