Eight years after the Northern Territory's moratorium on fracking was lifted, gas from the remote Beetaloo Basin, hundreds of kilometres south of Darwin, is now feeding into the grid to power homes and businesses.
NT Chief Minister Lia Finocchiaro said in a statement the gas would "drive new investment in the Territory across a range of sectors, creating employment and growing the economy".
"This is a pivotal moment in the Territory's history, and a turning point in our bright future as a decade of potential becomes production," she said.
Government officials, gas company heads, native title holders and the Northern Land Council (NLC) are expected to attend the milestone event.
NLC chair Matthew Ryan said the NLC believed the new agreement would lead to jobs and benefits for native title holders in the Barkly region, the remote town of Elliott and surrounding communities.
"Today is an example of what can be achieved when native title holders have a seat at the table with industry," Mr Ryan said. "Working with traditional owners is key for economic growth for the whole territory."
Tamboran Resources chief executive Todd Abbott said the company was "committed to ensuring this development creates meaningful and lasting opportunities".
The CLP government has long claimed the Beetaloo Basin would be a key economic driver, saying more than 40 terajoules a day will flow into the grid. It forecasts the development will generate more than $17 billion in economic value over two decades and support 13,000 jobs by 2040.
However, independent economist Saul Eslake described the milestone as "significant" but said there was "a bit of hype" around the economic benefits and it would not be a silver-bullet solution for the NT.