Empire Energy signs 10-year gas agreement with Northern Territory Government

Proactive - Interviews for investors

Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) managing director Alex Underwood joins Jonathan Jackson in the Proactive studio after the company signed a binding, 10-year gas sales agreement with the Northern Territory Government to supply 25 terajoules (TJ) of gas per day from the Carpentaria Pilot Project in the Beetaloo Basin. This agreement, commencing in 2025, covers up to 25 TJ of gas daily, amounting to approximately 75 petajoules over 10 years. It includes an option to increase supply by an additional 10 TJ per day for up to 10 years if production exceeds 100 TJ per day. Underwood, highlighted the company’s long-term commitment to the Beetaloo Basin, which has been in development since 2011 with significant support from the Northern Territory Government since 2018. He also emphasised the importance of this agreement for the energy security of the Territory, predicting it will attract substantial investment, create jobs, support local businesses and generate revenue for traditional owners and the government. The agreement stipulates that gas will be delivered to the Power and Water Corporation-operated McArthur River Gas pipeline on an ex-field take-or-pay basis at competitive prices indexed to the Consumer Price Index. The option for additional supply will be priced slightly lower. The agreement is subject to a final investment decision for the Carpentaria project and various regulatory approvals, which are in advanced stages. Empire Energy plans to start gas sales from Carpentaria’s EP187 licence in mid-2025. #ProactiveInvestors #EmpireEnergy #ASX #GasSalesAgreement, #NorthernTerritory, #BeetalooBasin, #CarpentariaPilotProject, #EnergySupply, #Investment, #LocalJobs, #NTGovernment, #EnergySecurity, #AlexUnderwood, #TraditionalOwners, #NTBusinesses, #EconomicGrowth, #GasProduction, #PipelineCapacity, #MarketCompetitivePrices, #ConsumerPriceIndex, #RegulatoryApprovals, #GasDelivery #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews