Skip to comments.Trillions of dollars worth of oil found in Australian outback
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 companys 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 regions rocks.
It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at todays 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 worlds largest oil producer as soon as this year.
(Excerpt) Read more at telegraph.co.uk ...
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.
Well, yeah, that's what they cook their french fries in!.............
I’m sure there’ll be a sand flea or something that needs protecting to put an end to this! *Rolleyes*
“...in a find that could turn the region into a new Saudi Arabia”
Minus the murderous religion aspect, of course.
We'll see how level headed Australians are.
This will be Coober Pedy.
The find will need a lot of water infrastructure bought in. Hence the need for a partner.
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...
Good for Australia! I hope they make the most of it!
Bet China is going to try to get all snuggly with them...
Odungo will declare war.....
More on Coober Pedy
I thought you needed a lot of water to frack.
Why? Because it's BS...
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.
They could always import them in for that authentic look.
This is all a scam? Well!! I never....
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.
Saudi Arabia was a shallow sea where a lot of dead plankton accumulated, hence their oil. Nothing to do with dead dinosaurs.
And the bloomin onion!
That was my first thought.
The Tiger is looking south.
"It belongs to them....Let's give it back...."
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?
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)
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.
All this frecking stuff reminders me of something out of “Atlas Shrugged”.
I have a dream that Saudi Arabia and the rest of the OPEC states are destitute in five years.
It does but there are companies here in Texas that specialize in recovering, filtering and reusing that water.
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.
The Saudis certainly hope that is true!
Oz has gone so far over the deep end on aboriginal rights, well have perfected the warp drive and nuclear fusion before this every got out of the courts.
Kangaroo dung walks but money talks..
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?"
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.
Too bad Australia is cozying up to China.
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.
Actually, there are companies which frac using compressed natural gas, too. It could be do-able, even without millions of gallons of water.
...the companys 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.
They have an ocean a few miles away.
“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.
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