$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'

SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.

Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.​

At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said.

This has the potential to turn Australia from an oil importer to an oil exporter.

"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Mr Bond said.

State Mineral Resources Development Minister Tom Koutsantonis said there were exciting times ahead for SA's resources industry.








"Shale gas and shale oil will be a key part to securing Australia's energy security now and into the future," he said.

https://www.heraldsun.com.au/news/n...n-fuel-australia/story-fndo471r-1226560401043

 

Read the article this morning. Good headline to drum up hype and push up share prices whilst fishing for major investor. Still, this is looking like the immediate future wherever shale oil prospects are to be found. I know the argument about it being expensive to extract etc. but you can bet that companies are ramping up research and development on finding cheaper ways to extract the resource (they have already made inroads on that one).
All to keep consumption (and profit) moving exponentially upwards. As I've said before, I believe it is very much business as usual. I believe that it is more likely to be other ecological limits to resources which will change the current paradigm.

 

Hardly a new discovery
This article is from 2005
https://geology.com/usgs/oil-shale/australia-oil-shale.shtml

clearly shows Australia has heaps of it.

It doesnt solve the cheap oil dilemma
Solar has a better return on energy invested than Shale Oil.

 

Companies wouldn't be investing billions if there wasn't billions to be made. Who cares about cheap oil? Pass on costs to the consumer.

 

Damn I want to live underground in Coober Pedy!

This too:-
Diamonds in South Australia
https://www.southaustralianhistory.com.au/diamonds.htm
I hear DeBeers has been sniffing around SA
https://www.abc.net.au/news/2003-03-10/de-beers-pulls-out-of-diamond-project/1814624

 

There is billions to be made in share trading and ponzi schemes
Housing booms and dot com booms all make billions too there used to be real good money in tulips once

If it costs you more to drive to work than stay home you wont have many consumers.

 

It's like rats going over the last piece of food on a sinking ship. Oil & Coal are so last century. :think:

 

From the actual reports:

There is no certainty that any portion of the prospective resources estimated herein will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources evaluated.