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

Discussion in 'News from around the damp planet' started by matto, Jan 24, 2013.

  1. matto

    matto Junior Member

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    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
     
  2. mouseinthehouse

    mouseinthehouse Junior Member

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    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.
     
  3. Grasshopper

    Grasshopper Senior Member

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    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.
     
  4. mouseinthehouse

    mouseinthehouse Junior Member

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    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.
     
  5. Michaelangelica

    Michaelangelica Junior Member

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  6. Grasshopper

    Grasshopper Senior Member

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    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.
     
  7. Pakanohida

    Pakanohida Junior Member

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

    ecodharmamark Junior Member

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    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.
     

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