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Breaking: Major shale oil find in South Australia (geopolitical shift coming?)
JoNova ^ | January 24th, 2013 | joanne

Posted on 01/26/2013 10:00:37 AM PST by Ernest_at_the_Beach

This is Big. At its very least, they’re talking of 3.5 billion barrels of oil, which is a Very Nice Discovery, thank you. At its largest, they are saying 233 billion barrels — Saudi Arabia, here we come.

Near Coober Pedy, Linc Energy has confirmed the Arckaringa Basin has lots of shale oil, so much that it could possibly shift us back to being an oil exporter. (We were self sufficient until 2000, but our oil production has been declining since then.)

Any discovery that comes with discussions about “national energy security” is one worth paying attention to. The news stories are just hitting the net now. Linc Energy has rights over more than 65,000 square kilometres of land in the Arckaringa Basin.

Note that there are virtually no farms and very few people living in the area. The blue splotch around Coober Pedy on the map below is not a lake.

Smack in the middle of South Australia

Adelaide Now was one of the first.

SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim – enough to turn Australia into a self-sufficient fuel producer.

Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

At the higher end, this would be “several times bigger than all of the oil in Australia”, Linc managing director Peter Bond said.

This has the potential to turn Australia from an oil importer to an oil exporter.

 

 ABC news

Chief executive Peter Bond says even if the amount of retrievable oil is well below that, the discovery is still “bigger than the Cooper Basin and Bass Strait combined”.

“If you stress test it right down and you only took the very sweetest spots in the absolute known areas and you do nothing else, it’s about 3.5 billion [barrels] and that’s sort of worse-case scenario,” he said.

“So if you took the 233 billion, well, you’re talking Saudi Arabia numbers. It’s massive, it’s just huge.

‘Remote and deep’

Shale oil is more costly to extract and more controversial than conventional crude and involves fracking, in which water is pumped in to break up the shale.

South Australian Mining Minister Tom Koutsantonis says it is much too early to say if the reserve can be profitably tapped.

“What they think they’ve found, or they have found, but whether it’s economic to recover or not is still the question, is vast reserves of shale oil,” he said.

“It’s basically oil which is trapped in low-permeability, clay-rich rocks so it’s within the rocks and you fracture-stimulate those rocks to release the oil.

Shale oil has transformed the energy market in the US. Is this the start of the Australian run?

Will it match the $20 Trillion potential?


TOPICS: Business/Economy
KEYWORDS: australia; energy; opec; petroleum

1 posted on 01/26/2013 10:00:45 AM PST by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

Boy, I would much rather deal with them than the middle east.
At least the Aussies drink beer and eat pork.


2 posted on 01/26/2013 10:07:08 AM PST by svcw (Why is one cell on another planet considered life, and in the womb it is not.)
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To: Ernest_at_the_Beach

As if the middle east is not unstable enough, imagine what those Saudi camel jockeys are going to do when the value of their assests are deflated by new global supplies? (I sort of shed a tear, when I think of it)

You just got to love free market macroeconomics !


3 posted on 01/26/2013 10:10:02 AM PST by llevrok (Unlike Obama, at least Nero could play a fiddle.)
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To: svcw

I take the wine. It is fantastic.


4 posted on 01/26/2013 10:14:13 AM PST by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: Ernest_at_the_Beach

“...guess what this liberal would be all about? This liberal would be all about socializing — uh, uh, would be about, uh uh.... basically taking over...and the government running all of your companies.”

5 posted on 01/26/2013 10:15:09 AM PST by RckyRaCoCo (Shall Not Be Infringed)
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To: Ernest_at_the_Beach

An unfortunate aside here is that the green movement sometimes holds a great deal of power in the Aussie Senate.

Hopefully, with a treasure trove the size of this one, greenies will be told to take a flying whatever.


6 posted on 01/26/2013 10:22:37 AM PST by Migraine (Diversity is great; until it happens to YOU.)
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To: bmwcyle

Agreed.
They have some of the best Malbec, it is brilliant with BBQ..


7 posted on 01/26/2013 10:24:02 AM PST by svcw (Why is one cell on another planet considered life, and in the womb it is not.)
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To: Ernest_at_the_Beach

Encouraging news from a friendly nation. Cheers for the Aussies!


8 posted on 01/26/2013 10:27:55 AM PST by NautiNurse (BOHICA)
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To: svcw

I was thinking the same thing but I suspect their primary customers will be in Europe. Its still good for us because it will ease demand.


9 posted on 01/26/2013 10:36:54 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Ernest_at_the_Beach

Global warmers must be cutting themselves in lamentation.


10 posted on 01/26/2013 10:37:25 AM PST by DungeonMaster (Fix voter fraud or count me out.)
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To: Ernest_at_the_Beach

Drat - just last year I unloaded a couple thousand acres of oil rights around Bopeechee Station [sarc meter just pegged].


11 posted on 01/26/2013 10:38:27 AM PST by Bedford Forrest (Roger, Contact, Judy, Out. Fox One. Splash one.<I>)
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To: Ernest_at_the_Beach
Headline?

Geopolitical shift coming
Major shale oil find in South Australia
OPEC, Saudis rush millions of dollars to peak-oil, enviro groups

12 posted on 01/26/2013 10:39:35 AM PST by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: Ernest_at_the_Beach
I suspect that we're only beginning to see the vast oil sourced that will be uncovered now that horizontal drilling and fracking are common methods of drilling for oil. In a decade, Arab oil will only be an afterthought.
13 posted on 01/26/2013 10:43:00 AM PST by norwaypinesavage (Galileo: In science, the authority of a thousand is not worth the humble reasoning of one individual)
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To: svcw

I buy it here all the time but it does not come close to the bottles I bought at the wineries there.


14 posted on 01/26/2013 10:43:00 AM PST by bmwcyle (People who do not study history are destine to believe really ignorant statements.)
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To: svcw
Yep, Canada US and Oz--three cheers for the anglosphere.
15 posted on 01/26/2013 11:06:14 AM PST by hinckley buzzard
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To: Ernest_at_the_Beach

Excellent. Between what we’re doing here and the Aussies, it should hurt the Saudis. Less money for funding terrorism, mosques here, etc.


16 posted on 01/26/2013 11:11:04 AM PST by manic4organic (It was nice knowing you, America.)
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To: norwaypinesavage; Jeff Head

Uh....anyone think about this a little further? What do you think the CHINESE are thinking about?

Invasion?


17 posted on 01/26/2013 11:16:40 AM PST by hoagy62 ("Tyranny, like hell, is not easily conquered..."-Thomas Paine. 1776)
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To: Ernest_at_the_Beach

I have mixed feelings about Middle East OPEC nations being financially ruined by cheap global oil prices.

Schadenfreude is one thing. Revolt of the peasantry into Jihadism is another.


18 posted on 01/26/2013 11:16:40 AM PST by Rebelbase ( .223, .224, whatever it takes....)
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To: Ernest_at_the_Beach

I long to see the day OPEC has to try to eat crude oil sammiches!


19 posted on 01/26/2013 11:33:48 AM PST by Blue Collar Christian (Pray for revival. <BCC><)
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To: Ernest_at_the_Beach; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks Ernest.


20 posted on 01/26/2013 1:33:37 PM PST by SunkenCiv (Romney would have been worse, if you're a dumb ass.)
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To: svcw

And they aren’t so embarassed by their woman folk they feel a need to cover them up with tents


21 posted on 01/26/2013 2:24:16 PM PST by Joe Boucher ((FUBO))
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To: svcw
Watch documentary on AXS Cable title. FRACKNATION... US can be totally independent too. This documentary MUST go VIRAL.

Learn what Russia's involvement is.. A real eye opener.

22 posted on 01/26/2013 2:33:24 PM PST by codder too
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To: Rebelbase
Revolt of the peasantry into Jihadism is another.

The sooner that happens the better. Until the islamic Middle East evolves from 9th century social mores, nothing is going to improve over there.
23 posted on 01/26/2013 2:40:46 PM PST by rottndog ('Live Free Or Die' Ain't just words on a bumber sticker...or a tagline.)
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