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Thu Jan 24, 2013, 06:25 PM

Oil discovery in Australia’s outback could ‘transform world’s oil industry’

Source: Calgary Herald

SYDNEY - Up to 233 billion barrels of oil has been discovered in the Australian outback which could be worth trillions of dollars, in a discovery that could turn the region into a new Saudi Arabia.

The discovery in central Australia was reported to the stock exchange by Linc Energy, an energy company 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 that 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 rocks. It is likely that only 3.5 billion barrels, worth almost $359 billion at today’s oil price, could 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 led to predictions that the US could overtake Saudi Arabia as the world’s largest oil producer as soon as this year. Peter Bond, Linc Energy’s chief executive, said the find could transform the world’s oil industry, but noted that it would cost about pounds 200million to enable production in the area.

Read more: http://www.calgaryherald.com/life/discovery+Australia+outback+could+transform+world+industry/7867469/story.html

65 replies, 9134 views

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Reply Oil discovery in Australia’s outback could ‘transform world’s oil industry’ (Original post)
tuvor Jan 2013 OP
Politicalboi Jan 2013 #1
jpak Jan 2013 #2
tabasco Jan 2013 #3
customerserviceguy Jan 2013 #9
Ash_F Jan 2013 #11
customerserviceguy Jan 2013 #57
tabasco Jan 2013 #19
snooper2 Jan 2013 #33
jberryhill Jan 2013 #34
snooper2 Jan 2013 #41
jberryhill Jan 2013 #43
tclambert Jan 2013 #49
Xipe Totec Jan 2013 #55
Xipe Totec Jan 2013 #56
dipsydoodle Jan 2013 #14
CANDO Jan 2013 #16
Sen. Walter Sobchak Jan 2013 #35
jberryhill Jan 2013 #42
Yo_Mama Jan 2013 #61
Arctic Dave Jan 2013 #4
dipsydoodle Jan 2013 #12
Historic NY Jan 2013 #40
customerserviceguy Jan 2013 #5
Berlum Jan 2013 #13
tclambert Jan 2013 #51
customerserviceguy Jan 2013 #59
Jackpine Radical Jan 2013 #65
4dsc Jan 2013 #25
customerserviceguy Jan 2013 #58
Sen. Walter Sobchak Jan 2013 #36
bhikkhu Jan 2013 #44
jpak Jan 2013 #45
limpyhobbler Jan 2013 #6
KoKo Jan 2013 #7
Javaman Jan 2013 #63
Fuddnik Jan 2013 #8
RC Jan 2013 #10
pediatricmedic Jan 2013 #17
ellisonz Jan 2013 #15
bucolic_frolic Jan 2013 #18
KamaAina Jan 2013 #20
Sen. Walter Sobchak Jan 2013 #39
lunatica Jan 2013 #52
cvoogt Jan 2013 #21
Journeyman Jan 2013 #22
jberryhill Jan 2013 #37
Scootaloo Jan 2013 #53
Joe Shlabotnik Jan 2013 #23
SCVDem Jan 2013 #24
earthside Jan 2013 #26
ninehippies Jan 2013 #27
albear Jan 2013 #28
FailureToCommunicate Jan 2013 #29
They_Live Jan 2013 #30
Grins Jan 2013 #31
AsahinaKimi Jan 2013 #32
jberryhill Jan 2013 #38
daleo Jan 2013 #46
aquart Jan 2013 #47
Fumesucker Jan 2013 #54
defacto7 Jan 2013 #48
lunatica Jan 2013 #50
CanonRay Jan 2013 #60
Javaman Jan 2013 #62
WhoWoodaKnew Jan 2013 #64

Response to tuvor (Original post)

Thu Jan 24, 2013, 06:30 PM

1. Just leave it alone

Go GREEN Australia. The last thing we all need is access to more oil. We need to find other ways that are clean.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:32 PM

2. Burn it and it will be 50 degrees C in the shade - if there are any trees left.

yup

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:32 PM

3. So this company owns 16 million acres of Australia

That just seems fucked up.

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Response to tabasco (Reply #3)

Thu Jan 24, 2013, 06:48 PM

9. Not really, when you put it into other terms

16 million acres is 25000 square miles, or a square about 160 miles by 160 miles. Being as the bulk of the continent is about 2000 miles by 2000 miles, much of it interior desert, it's not really a major proportion of the place. Austrailia is nearly 3 million square miles in area, this amount of this holding represents less than one percent of it.

Australia and the continental US are about the same size in square miles, this holding is about the size of West Virginia. Or, a bit bigger than a quarter of Wyoming, if you really want something more comparable.

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Response to customerserviceguy (Reply #9)

Thu Jan 24, 2013, 06:56 PM

11. You had me until "about the the size of West Virginia"

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Response to Ash_F (Reply #11)

Fri Jan 25, 2013, 07:15 AM

57. Did I find inaccurate figures?

Do you have different ones?

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Response to customerserviceguy (Reply #9)

Thu Jan 24, 2013, 07:45 PM

19. No, really.

Do you think you're the only person in the world that knows the size of Australia and the size of a fucking acre. LOL.

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Response to tabasco (Reply #19)

Thu Jan 24, 2013, 10:59 PM

33. 1 of 7 actually...

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Response to snooper2 (Reply #33)

Thu Jan 24, 2013, 11:18 PM

34. Nope, 1 of 6

That guy Jim died last year. Pretty amazing that three of us are apparently in this thread though, ay mate?

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Response to jberryhill (Reply #34)

Thu Jan 24, 2013, 11:28 PM

41. my daughter has been added to the list but it isn't public info yet..

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Response to snooper2 (Reply #41)

Thu Jan 24, 2013, 11:35 PM

43. Our future is assured

We are better off than the two remaining people who know the capital of New Hampshire.

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Response to jberryhill (Reply #43)

Fri Jan 25, 2013, 06:43 AM

49. Wikipedia says NH's capital is Concord. Weird, since Concord is in Massachusetts.

Is it legal to have your state capital in another state? I'd like to nominate Honolulu for my state's capital.

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Response to tclambert (Reply #49)

Fri Jan 25, 2013, 07:04 AM

55. And Boston is in England. Go figure. nt

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Response to customerserviceguy (Reply #9)

Fri Jan 25, 2013, 07:09 AM

56. More than twice the size of Anna Creek Station - The Largest ranch in the world

And twenty times the size of King Ranch.

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Response to tabasco (Reply #3)

Thu Jan 24, 2013, 07:05 PM

14. Regardless of that

ownership doesn't give them the mineral rights which belong to the Australian government. It just prevents others from extracting the resourses.

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Response to tabasco (Reply #3)

Thu Jan 24, 2013, 07:17 PM

16. Probably owns the mineral rights.

eom

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Response to tabasco (Reply #3)

Thu Jan 24, 2013, 11:18 PM

35. The Railroads owned roughly 12% of the United States at the turn of last century

The Hudson Bay Company owned three million square miles of the British Empire.

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Response to tabasco (Reply #3)

Thu Jan 24, 2013, 11:30 PM

42. Most likely just mineral claims


But I am surprised at the lack of skepticism here of a "report to the stock market... based on two consultants' reports".

I was born on a Weenesday, but not last Wednesday.

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Response to jberryhill (Reply #42)

Fri Jan 25, 2013, 08:15 AM

61. Laughing

The company itself seems much less enthused than the press reports. ...

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:33 PM

4. 3.5 billion from 133-233 billion barrels?

 

That is a lot of garbage.

Not sure calling it "oil" is even correct.

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Response to Arctic Dave (Reply #4)

Thu Jan 24, 2013, 07:02 PM

12. I'd like to know

exactly where they're thinking of getting all the water from for the extraction.

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Response to Arctic Dave (Reply #4)

Thu Jan 24, 2013, 11:25 PM

40. In other words not enough to supply the US for one year.

The US used 6.87 billion barrels (18.83 million barrels per day) in 2011 of refined product.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:35 PM

5. Seems like the folks who have been spouting the "peak oil" meme

are going to be disappointed. But, I knew they would be, the scarcer something gets the higher the price goes, and that just makes the stuff that's harder to get more economical to extract.

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Response to customerserviceguy (Reply #5)

Thu Jan 24, 2013, 07:04 PM

13. Disappointed that clueless greedheads will further rape the Earth to enrich the 1% Republicons

(Republicons Global Style)...and further massively despoil and destabilize the planet. Yup.

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Response to Berlum (Reply #13)

Fri Jan 25, 2013, 06:49 AM

51. Earth? Saturn's moon Titan has oceans of hydrocarbons!

Super tanker spaceships coming soon to supply the SUVs of Earth.

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Response to Berlum (Reply #13)

Fri Jan 25, 2013, 07:21 AM

59. There are things that need to be done

One does not have to fantasize about the supposed end of a resource to be in favor of them. There are many, many more reasons to move away from a hydrocarbon-based economy than "we're running out of it".

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Response to customerserviceguy (Reply #59)

Fri Jan 25, 2013, 11:55 AM

65. Yeah, but "We're running out of it" is the one that sells the best.

Blockheaded GW deniers & the like want their SUVs, and be damned to anyone who wants to take away their toys.

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Response to customerserviceguy (Reply #5)

Thu Jan 24, 2013, 09:23 PM

25. Don't worry, peak oil is here.

This won't put a dent into the world decline rate for oil production in the coming decades.


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Response to 4dsc (Reply #25)

Fri Jan 25, 2013, 07:18 AM

58. It will have an impact

on the speculators. They bid things up on the illusion of scarcity. Their lessened ability to do this means we will have more of a true market price for oil, rather than a bubble price, like we did a few years ago.

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Response to customerserviceguy (Reply #5)

Thu Jan 24, 2013, 11:20 PM

36. Holding up peak oil as fact today is like holding up Vesconte's world map.

Within the confines of what was known at the time, it makes sense. But we have learned a little in the intervening years,

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Response to customerserviceguy (Reply #5)

Thu Jan 24, 2013, 11:42 PM

44. "economical" for who?

If there is no limit to the costs and efforts you can afford to spend, then "peak oil" can be pushed out quite a ways...but at some point, even if money is no object, the net energy you get for your efforts approaches zero.

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Response to customerserviceguy (Reply #5)

Thu Jan 24, 2013, 11:56 PM

45. Peak Oil is empirical - all new data change the date of the peak

but there is a peak

yup

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:36 PM

6. so are we are now officially doomed ?

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:36 PM

7. Shale Oil...Low Quality, Big Bucks to Process and Pollution from it coming to Austrailia?

This is hardly light sweet crude oil or even stuff from our Gulf.

It requires lots of "Processing" and could be more enviro damage than the deep oil wells that are now causing havoc.

Sigh.

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Response to KoKo (Reply #7)

Fri Jan 25, 2013, 08:34 AM

63. Heavy in sulfur too. nt

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:45 PM

8. When do we invade?

Loose the drones!!!!!

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Response to tuvor (Original post)

Thu Jan 24, 2013, 06:51 PM

10. Shale oil? How does that compare to the road tar being mined in Canada?

 

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Response to RC (Reply #10)

Thu Jan 24, 2013, 07:30 PM

17. Slightly less evil

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Response to tuvor (Original post)

Thu Jan 24, 2013, 07:07 PM

15. Leave it be!

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Response to tuvor (Original post)

Thu Jan 24, 2013, 07:32 PM

18. Well ..........

Crocodile Dundee always did say he had a reserve mine in the outback.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 07:47 PM

20. Here's what life is like in the nearest town

http://en.wikipedia.org/wiki/Coober_Pedy#Overview

The harsh summer desert temperatures mean that many residents prefer to live in caves bored into the hillsides ("dugouts")....

The first tree ever seen in the town was welded together from scrap iron. It still sits on a hilltop overlooking the town.

The local golf course – mostly played at night with glowing balls, to avoid daytime temperatures – is completely free of grass, and golfers take a small piece of "turf" around to use for teeing off....


An unlikely oil boomtown indeed.

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Response to KamaAina (Reply #20)

Thu Jan 24, 2013, 11:25 PM

39. Sounds better than Fort McMurray

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Response to KamaAina (Reply #20)

Fri Jan 25, 2013, 06:52 AM

52. If there's a god it's testing us

What are ya gonna do humans?

Or it there's a devil is it getting ready to reap some of it's biggest catch yet?

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Response to tuvor (Original post)

Thu Jan 24, 2013, 07:50 PM

21. Flying spaghetti monster help us.

Or jah. Whichever.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 08:09 PM

22. Crap. 50 years from now, we'll be fighting in the Outback, and they got nasty bugs & snakes & such…

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Response to Journeyman (Reply #22)

Thu Jan 24, 2013, 11:21 PM

37. Just about everything native to Australia will kill you

Unless it has fur.

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Response to jberryhill (Reply #37)

Fri Jan 25, 2013, 06:56 AM

53. Then it just tortures you for a month

And morphine doesn't help

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Response to tuvor (Original post)

Thu Jan 24, 2013, 08:32 PM

23. Well, I guess we can shutter the Tar Sands.

No need for pipelines either. China and India will now have a new crack dealer.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 09:22 PM

24. We need oil for many reasons

Transportation and electricity shouldn't be among them!

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Response to tuvor (Original post)

Thu Jan 24, 2013, 09:27 PM

26. Shale oil?

'Tight' oil.

That means fracking and all kinds of fancy, high tech, expensive means of extraction are necessary.

And that means it is probably not even commercially viable unless the price of petroleum stays around a $100+ per barrel.

Nothing to get excited about here.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 09:30 PM

27. There goes

the neighborhood. Dang. Another 'must see' place ruined before I get there.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 09:43 PM

28. When do we invade to bring democracy and take away their WMD's?

 

Kidding everyone!

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Response to tuvor (Original post)

Thu Jan 24, 2013, 09:56 PM

29. "So tell us again why YOUR oil is under


OUR land?"

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Response to tuvor (Original post)

Thu Jan 24, 2013, 09:59 PM

30. I drink

your milkshake.

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Response to tuvor (Original post)

Thu Jan 24, 2013, 10:51 PM

31. Does this me no Keystone pipeline here...?

Then Aussies can now supply China, a market Canada was originally looking for. So...?

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Response to tuvor (Original post)

Thu Jan 24, 2013, 10:56 PM

32. They found Oil down under? Fairdinkum?

So we gonna invade there next? ...just kidding. (I hope).

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Response to tuvor (Original post)

Thu Jan 24, 2013, 11:24 PM

38. May I have your attention, please


To these words:

"reported to the stock exchange by Linc Energy, an energy company and was based on two consultants’ reports"

There is another thing in Australia which has never been in short supply and if "reported to the stock market... based on two consultants' reports" doesn't set off your meter, then may I suggest you hold off on your other business plans there.

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Response to tuvor (Original post)

Fri Jan 25, 2013, 12:11 AM

46. Australia has been hitting temperatures near 50 degrees celcius

It would be like a person committing suicide for a billion dollars. What's the point if you're dead?

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Response to tuvor (Original post)

Fri Jan 25, 2013, 12:19 AM

47. Wouldn't they do better going wholly solar?

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Response to aquart (Reply #47)

Fri Jan 25, 2013, 06:57 AM

54. Australia has been having grid problems because solar is being added too quickly for it to keep up

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Response to tuvor (Original post)

Fri Jan 25, 2013, 02:01 AM

48. WE DON'T NEED IT!

(I think that's the first time I've used all caps in a sentence.) Tax it to hell and back. The price should be too high to be convenient. Keep your damn oil Australia.

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Response to tuvor (Original post)

Fri Jan 25, 2013, 06:48 AM

50. If ambient heat generates energy that can be captured and used they already have a goldmine

in central Australia. But of course, maybe the world needs to get warmer.

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Response to tuvor (Original post)

Fri Jan 25, 2013, 07:38 AM

60. This is crap oil, the bottom of the barrell

Notice that less than 5% is even recoverable? How much energy, and clean water (in the desert outback) will be required to get this oil out? Transform the oil industry, what nonsense.

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Response to tuvor (Original post)

Fri Jan 25, 2013, 08:32 AM

62. Oh yay :( ...it will certainly transform our atmosphere. nt

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Response to tuvor (Original post)

Fri Jan 25, 2013, 09:07 AM

64. Problem is, Australia is gonna do what they want.

I don't think they're gonna listen to us. If it helps their country then their politicians and companies will probably go for it.

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