The company expects to create 4000 jobs for the project across Northern Australia, with early cost estimates sitting at $3-$4 billion and expects initial appraisal works should begin next year.
"The Territory has great potential as the future heartland of Australia's gas industry," managing director Paul Adams said.
"This is good news for locals who can expect to benefit from additional jobs and training opportunities in the gas industry, as well as Territory businesses who will benefit directly from contracts on upcoming projects."
The first stage NGP is expected to be completed by the end of this year and will initially transport 90 terrajoules of gas a day and the addition of compression could increase that to 700TJpd.
Central Petroleum's Mereenie gas project is expected to come online in tandem with the NGP and start sending gas to market.
RBC Capital Markets has previously said that an expansion of the pipeline would add further value to the Beetaloo Basin and the two main joint venture exploration projects there, between Origin Energy and Falcon Oil & Gas and between Santos and the privately owned Tamboran Resources.
While the Beetaloo is the best known and understood of all the NT shale basins it is still in infancy in terms of appraisal, and will need hundreds of millions and years to fully derisk it, but a pipeline to market will add significant value to the remote area.
Santos managing director and CEO Kevin Gallagher said today that removal of the frac ban was "a great outcome for Territory communities because it will reinvigorate the economy there, generating jobs, local business opportunities and the social investments that gas companies make to help build a better future for the communities in which we operate".
"Territory businesses, contractors and workers are counting on the quick ramp up of the onshore gas industry to get the Territory moving again."