The new political party in the NT
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Honesty. Integrity. Unity – The newly formed party 1 Territory will listen to all Territorians…
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As a group, a movement, we will bring the NT into the future while creating a sustainable place for all generations…
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1 Territory
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A Glaring Omission – Identifying the True Economic Cost of
Fracking the Northern Territory
Today the 1 Territory Research Team is releasing a paper that challenges the economic scenarois being put forward by gas industry corporations and other economic models for the Unconventional Fracturing of Shale Gas in the Northern Territory.
The paper includes an economic model that has been constructed by Sue Fraser-Adams that attempts to assess the cost of remediation of wells that fail over two specific periods of time, namely 24 years and 100 years in the future.
The two major macro economic models that have been constructed to date, the first Report commissioned by APPEA (Deloitte Access Economics in July 2014 and the ACIL Allen Consulting Report dated October 2017 commissioned by the Scientific Inquiry into Hydraulic Fracturing in the NT do not appear to include well remediation costs.
The modeling shows that the cost could be significant. The results indicate that at a full development scenario of 67,000 wells over 24 years at a failure rate of 6%, the costs could be in the order of $4.5 billion. If a failure rate of 15% is used, the costs could be in the order of $11 billion.
Over 100 years with gradually increasing failure rates to 20%, the cost could exceed $50 billion.
The existing number of exploration and production wells that have already been drilled in the NT will over time also need remediation. On the assumption of a 6% failure rate, over the next 24 years, more than $16 million could be required to be spent on well remediation and over 100, the cost could be over $1 billion.
The policy question is that who should be paying for this well remediation and should taxpayers have to foot the bill when the corporations are long gone?
Attached is further information about the analysis:
Google Drive: A Glaring Omission 23-02-18
DropBox: A Glaring Omission 23-02-18
Submission to the Mansfield Inquiry into Political Donations
The full Submission to the Mansfield Inquiry into Political Donations.
Please find attached a copy of 1 Territory Submission to the political donations inquiry in the NT, https://donationsinquiry.nt.gov.au/
The Northern Territory has long been forgotten by most, used and abused by others and political donations have played a large part in that. Here is our first hand experience with political donations in the Territory, its movers, shakers and points of influence – good bad or indifferent, you be the judge.
Please read this first, https://www.meaa.org/meaa-media/code-of-ethics/
Thanks for your time, have a great day.
Braedon Earley
President 1 Territory Party