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Trillions of dollars worth of oil found in Australian outback 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.

Linc Energy claims to have found rock formations containing more than $20 trillion worth of oil Brisbane company Linc Energy says independent studies have confirmed a major shale oil source in South Australia's far north, which officials have estimated could be worth $20 trillion. The company says U.S. consultants have carried out drilling and geological and seismic surveys around Coober Pedy. Linc Energy holds rights over more than 65,000 square kilometres of land in the Arckaringa Basin and started explorations in 2008. In a statement to the Stock Exchange, the company said reports from U.S.-based consultants indicate underlying rock formations...

From the Telegraph: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. 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...