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 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 rocks. It is likely that only 3.5 billion barrels, worth almost $359 billion at todays 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 worlds largest oil producer as soon as this year. Peter Bond, Linc Energys chief executive, said the find could transform the worlds 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
Politicalboi
(15,189 posts)Go GREEN Australia. The last thing we all need is access to more oil. We need to find other ways that are clean.
jpak
(41,758 posts)yup
tabasco
(22,974 posts)That just seems fucked up.
customerserviceguy
(25,183 posts)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.
Ash_F
(5,861 posts)customerserviceguy
(25,183 posts)Do you have different ones?
tabasco
(22,974 posts)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.
snooper2
(30,151 posts)jberryhill
(62,444 posts)That guy Jim died last year. Pretty amazing that three of us are apparently in this thread though, ay mate?
snooper2
(30,151 posts)jberryhill
(62,444 posts)We are better off than the two remaining people who know the capital of New Hampshire.
tclambert
(11,087 posts)Is it legal to have your state capital in another state? I'd like to nominate Honolulu for my state's capital.
Xipe Totec
(43,890 posts)Xipe Totec
(43,890 posts)And twenty times the size of King Ranch.
dipsydoodle
(42,239 posts)ownership doesn't give them the mineral rights which belong to the Australian government. It just prevents others from extracting the resourses.
CANDO
(2,068 posts)eom
Sen. Walter Sobchak
(8,692 posts)The Hudson Bay Company owned three million square miles of the British Empire.
jberryhill
(62,444 posts)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.
Yo_Mama
(8,303 posts)The company itself seems much less enthused than the press reports. ...
Arctic Dave
(13,812 posts)That is a lot of garbage.
Not sure calling it "oil" is even correct.
dipsydoodle
(42,239 posts)exactly where they're thinking of getting all the water from for the extraction.
Historic NY
(37,449 posts)The US used 6.87 billion barrels (18.83 million barrels per day) in 2011 of refined product.
customerserviceguy
(25,183 posts)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.
Berlum
(7,044 posts)(Republicons Global Style)...and further massively despoil and destabilize the planet. Yup.
tclambert
(11,087 posts)Super tanker spaceships coming soon to supply the SUVs of Earth.
customerserviceguy
(25,183 posts)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".
Jackpine Radical
(45,274 posts)Blockheaded GW deniers & the like want their SUVs, and be damned to anyone who wants to take away their toys.
4dsc
(5,787 posts)This won't put a dent into the world decline rate for oil production in the coming decades.
customerserviceguy
(25,183 posts)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.
Sen. Walter Sobchak
(8,692 posts)Within the confines of what was known at the time, it makes sense. But we have learned a little in the intervening years,
bhikkhu
(10,718 posts)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.
jpak
(41,758 posts)but there is a peak
yup
limpyhobbler
(8,244 posts)KoKo
(84,711 posts)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.
Javaman
(62,530 posts)Fuddnik
(8,846 posts)Loose the drones!!!!!
RC
(25,592 posts)pediatricmedic
(397 posts)ellisonz
(27,711 posts)bucolic_frolic
(43,176 posts)Crocodile Dundee always did say he had a reserve mine in the outback.
KamaAina
(78,249 posts)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.
Sen. Walter Sobchak
(8,692 posts)lunatica
(53,410 posts)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?
cvoogt
(949 posts)Or jah. Whichever.
Journeyman
(15,036 posts)jberryhill
(62,444 posts)Unless it has fur.
Scootaloo
(25,699 posts)And morphine doesn't help
Joe Shlabotnik
(5,604 posts)No need for pipelines either. China and India will now have a new crack dealer.
SCVDem
(5,103 posts)Transportation and electricity shouldn't be among them!
earthside
(6,960 posts)'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.
ninehippies
(30 posts)the neighborhood. Dang. Another 'must see' place ruined before I get there.
albear
(33 posts)Kidding everyone!
FailureToCommunicate
(14,014 posts)OUR land?"
They_Live
(3,233 posts)your milkshake.
Grins
(7,217 posts)Then Aussies can now supply China, a market Canada was originally looking for. So...?
AsahinaKimi
(20,776 posts)So we gonna invade there next? ...just kidding. (I hope).
jberryhill
(62,444 posts)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.
daleo
(21,317 posts)It would be like a person committing suicide for a billion dollars. What's the point if you're dead?
aquart
(69,014 posts)Fumesucker
(45,851 posts)defacto7
(13,485 posts)(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.
lunatica
(53,410 posts)in central Australia. But of course, maybe the world needs to get warmer.
CanonRay
(14,104 posts)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.
Javaman
(62,530 posts)WhoWoodaKnew
(847 posts)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.