HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Oil discovery in Australi...
Introducing Discussionist: A new forum by the creators of DU

Thu Jan 24, 2013, 06:25 PM

Oil discovery in Australia’s outback could ‘transform world’s oil industry’ [View all]

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, 8588 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 65 replies Author Time Post
Reply Oil discovery in Australia’s outback could ‘transform world’s oil industry’ [View all]
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