Tamboran Resources Corporation

The first commercial natural gas deliveries from Australia's Beetaloo Basin began flowing to the Northern Territory in September, a milestone for Tamboran Resources and Daly Waters Energy after years of roadblocks. Tamboran and Daly Waters announced the first natural gas sales ever from the basin, with five wells now ramping up production to 40 million cubic feet of gas per day, and plans to grow to 100 million in 2028 once a gas-processing expansion is complete. Bryan Sheffield, the Texas oil CEO who founded Formentera Partners and Daly Waters Energy, said the milestone shows the basin can deliver but it still must prove it can become economic over the long term. Sheffield's capital influx was critical, as was recruiting American oilfield services players with shale expertise: Helmerich & Payne, Baker Hughes, and Liberty Energy, the company cofounded by U.S. Energy Secretary Chris Wright, all took ownership stakes in Tamboran, while Beetaloo Energy recently contracted with Halliburton. Tamboran admits it needs a larger partner to keep scaling, and a new auditor's report still flags its financial viability as a going concern. The timing matters for Australia, which could face natural gas shortfalls in the coming years, with Qatar largely offline because of the Iran war and more of Australia's offshore gas fields drying up.