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Trillions of dollars worth of oil found in Australian outback
Telegraph (UK) ^ | 24 Jan 2013 | Jonathan Pearlman

Posted on 07/30/2013 6:37:12 AM PDT by Lorianne

Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia. _____ The discovery in central Australia was reported by Linc Energy to the stock exchange and was based on two consultants reports, though it is not yet known how commercially viable it will be to access the oil.

The reports estimated the company’s 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil trapped in the region’s rocks.

It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at today’s oil price, will be able to be recovered.

The find was likened to the Bakken and Eagle Ford shale oil projects in the US, which have resulted in massive outflows and have led to predictions that the US could overtake Saudi Arabia as the world’s largest oil producer as soon as this year.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Australia/New Zealand; Business/Economy
KEYWORDS: australia; carbontax; energy; kenyanbornmuzzie; oil; opec; saudiarabia; saudioil; usoil

1 posted on 07/30/2013 6:37:12 AM PDT by Lorianne
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To: Lorianne

No need for the House of Saud to fret over this one.

Oz has gone so far over the deep end on aboriginal rights, we’ll have perfected the warp drive and nuclear fusion before this every got out of the courts.


2 posted on 07/30/2013 6:39:01 AM PDT by Buckeye McFrog
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To: Lorianne

Well, yeah, that's what they cook their french fries in!.............

3 posted on 07/30/2013 6:39:12 AM PDT by Red Badger (Want to be surprised? Google your own name......Want to have fun? Google your friend's names........)
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To: Lorianne
Another reason for the Arabs to be nervous.
4 posted on 07/30/2013 6:39:12 AM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Lorianne

I’m sure there’ll be a sand flea or something that needs protecting to put an end to this! *Rolleyes*


5 posted on 07/30/2013 6:39:46 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Lorianne

“...in a find that could turn the region into a new Saudi Arabia”

Minus the murderous religion aspect, of course.


6 posted on 07/30/2013 6:40:54 AM PDT by Londo Molari
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To: Lorianne
Hah! I'd love to see the Saudis go back to their nomadic lifestyle. Riding camels and living in tents.
7 posted on 07/30/2013 6:41:22 AM PDT by Cowboy Bob (Democrats: Robbing Peter to buy Paul's vote.)
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To: Lorianne
I am sure the ranks of Australian tree-huggers will swell instantaneously with this announcement.

We'll see how level headed Australians are.

8 posted on 07/30/2013 6:41:50 AM PDT by SMARTY ("The test of every religious, political, or educational system is the man that it forms." H. Amiel)
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To: Lorianne

This will be Coober Pedy.

The find will need a lot of water infrastructure bought in. Hence the need for a partner.


9 posted on 07/30/2013 6:42:02 AM PDT by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: Lorianne

with the US about to face plant... and our military being cut by epic proportions...

i’m pretty sure they shouldn’t alert the 2+ billion resource hungry people to their north that they have all the oil they need...


10 posted on 07/30/2013 6:42:43 AM PDT by sten (fighting tyranny never goes out of style)
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To: Lorianne

Good for Australia! I hope they make the most of it!

Bet China is going to try to get all snuggly with them...


11 posted on 07/30/2013 6:43:23 AM PDT by Little Ray (How did I end up in this hand-basket, and why is it getting so hot?)
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To: Lorianne

Odungo will declare war.....


12 posted on 07/30/2013 6:43:31 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Lorianne

More on Coober Pedy

http://pro.moneymappress.com/EAD4979AG/MEADP708/?a=1&o=15952&s=17538&u=699265&l=172380&r=MC&g=0


13 posted on 07/30/2013 6:44:13 AM PDT by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: Lorianne

I thought you needed a lot of water to frack.


14 posted on 07/30/2013 6:47:01 AM PDT by Sawdring
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To: All
Read about this a week or so ago. Someone gave a link to the company who was suppose to have found this large oil field and their stock prices dived.

Why? Because it's BS...

15 posted on 07/30/2013 6:47:18 AM PDT by Doofer
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To: Farmer Dean
Another reason for the Arabs to be nervous.

Doubtful.

Of the 1-3 billion gallons of oil there, less than 10% can be taken out. That's still a lot of petroleum but the price of getting it out of the ground can cancel profits.

I'm going to wait and see what the Texans do. They've been in the "awl bidness" for a long time.

The Saudis are the ones with all the petroleum. Their country was a graveyard of dinosaurs and thus rich with the black gold. Thank goodness the Americans got in there in the 1920's and bought all the petroleum rights.

The rights were sold BACK to the Saudis in the early 1980's and they paid a pretty penny riyal for it.
Since then the King/Prince have been making $1 billion dollars every 2-3 days. I can't fathom that kind of money.
No reason for any Saudi to be nervous.

16 posted on 07/30/2013 6:48:09 AM PDT by cloudmountain
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To: Diana in Wisconsin
I’m sure there’ll be a sand flea or something that needs protecting to put an end to this! *Rolleyes*M

LOL!

17 posted on 07/30/2013 6:49:05 AM PDT by cloudmountain
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To: Londo Molari

They could always import them in for that authentic look.


18 posted on 07/30/2013 6:50:11 AM PDT by Lorianne (fedgov, taxporkmoney)
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To: Doofer
Read about this a week or so ago. Someone gave a link to the company who was suppose to have found this large oil field and their stock prices dived. Why? Because it's BS...

This is all a scam? Well!! I never....

19 posted on 07/30/2013 6:50:22 AM PDT by cloudmountain
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To: Sawdring

I think the water issue is the main setback to getting the oil out profitably.

However, if oil gets to high enough price, that problem will be overcome.


20 posted on 07/30/2013 6:52:18 AM PDT by Lorianne (fedgov, taxporkmoney)
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To: cloudmountain
Their country was a graveyard of dinosaurs and thus rich with the black gold.

Saudi Arabia was a shallow sea where a lot of dead plankton accumulated, hence their oil. Nothing to do with dead dinosaurs.

21 posted on 07/30/2013 6:52:46 AM PDT by Strategerist
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To: Red Badger

And the bloomin onion!


22 posted on 07/30/2013 6:55:57 AM PDT by dhs12345
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To: sten

That was my first thought.

The Tiger is looking south.


23 posted on 07/30/2013 6:56:19 AM PDT by Blueflag (Res ipsa loquitur: non vehere est inermus)
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To: Buckeye McFrog
Oz has gone so far over the deep end on aboriginal rights,

"It belongs to them....Let's give it back...."

24 posted on 07/30/2013 6:57:05 AM PDT by dfwgator
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To: Diana in Wisconsin
Ya. The goal is not to protect some obscure little bug but to take away the wealth of the average American and return us to servitude. And guess who wants to be our masters.
25 posted on 07/30/2013 6:58:07 AM PDT by dhs12345
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To: Lorianne

Tough on the Arabs. What are they going to use to fund their real-estate shopping trips to London if no one wants to buy their dwindling oil reserves anymore?


26 posted on 07/30/2013 7:00:32 AM PDT by ottbmare (the OTTB mare)
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To: dfwgator

Development projects have been tied up in Australian courts by individuals claiming as little as 1/64 aboriginal blood.

And yes, their argument was that the land should be “given back” (actually an opportunity to extort cash from the developers)


27 posted on 07/30/2013 7:01:25 AM PDT by Buckeye McFrog
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To: Lorianne

Given that oil is not derived from dead dinosaurs, there probably is an unlimited supply.

It is entirely possible that the earth is replacing the stuff much faster than we can use it.


28 posted on 07/30/2013 7:08:32 AM PDT by PGR88
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To: Lorianne

All this frecking stuff reminders me of something out of “Atlas Shrugged”.


29 posted on 07/30/2013 7:14:26 AM PDT by fella ("As it was before Noah, so shall it be again,")
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To: Lorianne

I have a dream that Saudi Arabia and the rest of the OPEC states are destitute in five years.


30 posted on 07/30/2013 7:16:53 AM PDT by E. Pluribus Unum (Who knew that one day professional wrestling would be less fake than professional journalism?)
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To: Sawdring
I thought you needed a lot of water to frack.

It does but there are companies here in Texas that specialize in recovering, filtering and reusing that water.

31 posted on 07/30/2013 7:19:02 AM PDT by fella ("As it was before Noah, so shall it be again,")
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To: Lorianne

Old news


32 posted on 07/30/2013 7:38:33 AM PDT by Ben Ficklin
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To: Lorianne

If the US and Australia developed their oil reserves the only export from Saudi Arabia besides militant Islam would be sand. I can’t wait to see the Rolls and Maseratis on cinder blocks in front of a bunch of tents.


33 posted on 07/30/2013 7:40:26 AM PDT by The Great RJ (construction)
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To: PGR88

The Saudis certainly hope that is true!


34 posted on 07/30/2013 7:41:50 AM PDT by Lorianne (fedgov, taxporkmoney)
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To: fella
The enviro-wackos consider fracking to be enemy #1. It is not because fracking is harmful to the subterranean environment. It is because the techniques now being utilized are opening up enough oil reserves to last centuries at current consumption levels.
35 posted on 07/30/2013 7:53:03 AM PDT by fireman15 (Check your facts before making ignorant statements.)
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To: Buckeye McFrog

Oz has gone so far over the deep end on aboriginal rights, we’ll have perfected the warp drive and nuclear fusion before this every got out of the courts.


Kangaroo dung walks but money talks..


36 posted on 07/30/2013 8:03:12 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole..)
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To: ottbmare
Tough on the Arabs. What are they going to use to fund their real-estate shopping trips to London if no one wants to buy their dwindling oil reserves anymore?

The fun part starts when all the Saudi oil is gone. Then all their little deeds and contracts in Europe and elsewhere will be mere pieces of paper to be torn up, and the camel jockeys will be kicked back to their desert where they belong. "What're ya gonna do about, Ahmed?"

37 posted on 07/30/2013 8:08:54 AM PDT by Moltke (Sapere aude!)
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To: The Great RJ
I can’t wait to see the Rolls and Maseratis on cinder blocks in front of a bunch of tents.

In the '80s I worked for a rent-a-rig Kuwaiti-owned company (bought from a buch of spittoon-spitting Texans who still ran the operation) and was sent out there to install some software. We were visiting some of those mobile rigs out in the middle of nowhere when we passed a bunch of Bedouin tents - a sight that looked right out of Lawrence of Arabia. As we came by the front, I expected to see a slew of camels tethered there. Instead, there were 4-door Toyota pickups. Another illusion shattered.

38 posted on 07/30/2013 8:11:21 AM PDT by Oatka (This is America. Assimilate or evaporate.)
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To: Lorianne

Too bad Australia is cozying up to China.


39 posted on 07/30/2013 8:50:17 AM PDT by MinstrelBoy (If you're a conservative today, you're a hero.)
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To: Lorianne

No doubt. I wonder if they could use sea water. Build a port to ship the oil out of or a and then a two way pipeline. Pump the water in and the oil out.


40 posted on 07/30/2013 1:25:23 PM PDT by Sawdring
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To: Sawdring

Actually, there are companies which frac using compressed natural gas, too. It could be do-able, even without millions of gallons of water.


41 posted on 07/30/2013 1:29:52 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

Thanks Lorianne.
...the company’s 16 million acres of land... contain between 133 billion and 233 billion barrels of shale oil... just 3.5 billion barrels, worth almost $359 billion... at today's oil price, will be able to be recovered.

42 posted on 07/30/2013 6:15:25 PM PDT by SunkenCiv (It's no coincidence that some "conservatives" echo the hard left.)
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To: Sawdring

They have an ocean a few miles away.


43 posted on 08/02/2013 1:46:59 PM PDT by Ernest_at_the_Beach
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To: Smokin' Joe

“Actually, there are companies which frac using compressed natural gas, too. It could be do-able, even without millions of gallons of water.”

Actually those companies are using LPG gas not Methane propane and butane are the “gases” used at the pressures of fracturing they are liquids which is necessary to carry the propants which are mostly specific grain sized sands.

Hydrofracing can use salt water if the gelling agents and additives are formulated to take into account the salts in the water its hell on the pumps and pipes though so naturally one would want fresh water or brackish at best.


44 posted on 08/03/2013 11:40:24 AM PDT by JD_UTDallas ("Veni Vidi Vici")
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