New LNG discovery illustrates Darwin’s strong economic future
Confidence is high for the Northern Territory's economic future, following the discovery of another LNG gas source in the Browse Basin – further promoting the growth onshore processing in Darwin. With the growth of the area expected to skyrocket over the coming years, now could be the perfect moment to consider purchasing commercial property in Darwin.
Chief Minister Adam Giles said the discovery cemented the Northern Territory's strong position in Australia and would lead to future growth of the economy heading into the coming years.
"By 2025, global LNG demand is expected to almost double and the Northern Territory is well positioned to capitalise on this growth. It is estimated that we have over 30 trillion cubic feet of gas offshore and up to 240 trillion cubic feet of gas reserves onshore. That's enough gas to power 30 cities of a million people each for 20 years," said Mr Giles in a 23 August statement.
With strong predictions for the LNG sector over the next few years, economic benefits could flow through into the local community. Whether it's to start a business or just as an investment, there are plenty of opportunities for property in the Northern Territory's capital.