The resource sharks are circling a proposed offshore petrochemical plant near the Northern Territory.

NT Chief Minister Adam Giles spoke to a large oil and gas industry conference this week, flagging Glyde Point near Darwin as a contender for the site.

Mr Giles also announced plans to create a time limit on oil and gas companies, forcing them to develop approved exploration leases or lose them.

“We want to get to an environment where we develop those exploration leases, not just continue exploring,” the Chief Minister said.

Territory Infrastructure Minister Peter Styles has had a look at a petrochemical plant in Singapore this week, part of the plans to launch a similar project for NT. Mr Styles was reported put in contact with the operator of the plant after an introduction by head of multi-national business giant Dow Chemical, Andrew Liveris.

Styles said it was hugely educational: “It is essential that we actually understand what the petrochemical process is, how important it is and what we need to do to try and attract people like Dow Chemicals.”

A major conference has attracted big names across industries to Darwin for a few days of seminars and demonstrations. The South East Asia Australia Offshore Conference (SEAAOC) has been constructed to focus on major oil and gas projects in northern Australia, industry prospects and market developments.

The results of meetings surrounding the conference will likely decide the future for billions of dollars worth of investments and projects in the Top End, with authorities talking about the expansion of current operations and the launch of plans for the next wave.