Skip to comments.$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'
Posted on 01/23/2013 4:51:04 PM PST by naturalman1975
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.
"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Mr Bond said.
Mr Bond said there was the potential for a US-style "shale oil" boom in SA.
The Wall Street Journal reported last week the US could pass Saudi Arabia as the world's largest oil producer this year, thanks to the shale oil explosion.
Shale oil extraction involves using new technologies to drill vertically and then horizontally for distances of more than one kilometre through shale rocks that contain oil.
The process was once prohibitively expensive but advances have created a new oil boom in the US.
(Excerpt) Read more at news.com.au ...
Good deal for Australia.
Wait ‘till the chicoms inform PM Gillard that the Arckaringa Basin is historically part of China.
Coober Pedy is an opal mining town, lot’s of people
live in underground homes as I remember.
Yes, good for Oz, but how good is it to read about a "US style oil boom." We aren't done yet...
This just isn’t possible. I have been assured by a liberal/green enviro elitist that I know that we have hit peek oil.And while there are ways to pull more oil from existing sources using technology, there just is no more oil to find!
That is why we have to cover acres of desert with solar panels and butcher birds with with giant windmills! I have seen the light no more drilling, we can destroy more of nature with solar panels and windmills than we ever could with oil! And the best part we can feel good about it at the same time!
If you were the Saudis you might fund some environmental groups to try and tie it up in court. Maybe some politicians to lead the fight against global warming. Whatever it takes.
Of course, the flip side, everyone would know that anyone coming out against it is a Saudi shill. You would think.
“....enough to turn Australia into a self-sufficient fuel producer.”
The same situation exists in the US.
What what will happen to our “friends” the Saudies and all the other muslim countries when we decide to compete in oil production on the world market?
They will have to eat sand because, even after 70 years of ME oil production, these muslim countries still depend on foreign engineering knowledge to get their oil to the surface and further refining.
Ah, the blessings of islam.
As a 13 y.o. I was deep into lapidary and spent hours in the basement grinding my precious stones against the wheel.
Obviously, I lost interest when I discovered girls. To be more precise, I lost interest when girls discovered me.
I was in Coober Pedy back in ‘83. Even had a hotel underground. The name means “White man live in hole” in the local Abo language.
It’s still the best form or representative govt that Saudi oil money can buy!
I wonder if they have enough fresh water for the fracs.
In the absence of fresh water, Coober Pedy would have plenty of kangaroo pee and Foster's available.
"I lost interest when I discovered girls"
At first glance the first statement seemed to make the second redundant.
Good on ya, mates!
Looks like a real find. More info at the original report: