GasBuddy Blog

Message Forum - Read Message

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Trillions of dollars worth of oil found in Australian outback	Post a Reply Back to Topics

xgojim All-Star Author Michigan Posts:524 Points:451,770 Joined:Mar 2011	Message Posted: Jan 24, 2013 8:09:26 AM Ignore xgojim Report Abuse Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia. The discovery in central Australia was reported by Linc Energy to the stock exchange 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 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 the region's rocks. The find was likened to the Bakken and Eagle Ford shale oil projects in the US, which have resulted in massive outflows and have led to predictions that the US could overtake Saudi Arabia... Visit The Telegraph for full article

xgojim

All-Star Author
Michigan

Posts:524
Points:451,770
Joined:Mar 2011

Message Posted: Jan 24, 2013 8:09:26 AM

Ignore xgojim Report Abuse

Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia. The discovery in central Australia was reported by Linc Energy to the stock exchange 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 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 the region's rocks. The find was likened to the Bakken and Eagle Ford shale oil projects in the US, which have resulted in massive outflows and have led to predictions that the US could overtake Saudi Arabia...
Visit The Telegraph for full article

REPLIES (newest first)Ignore Short Messages

sjf238 Champion Author Philadelphia Posts:1,215 Points:647,955 Joined:Mar 2011	Message Posted: Jan 25, 2013 12:51:39 PM Ignore sjf238 Report Abuse Ok.
MadFueler All-Star Author Winston-Salem Posts:922 Points:173,260 Joined:Sep 2012	Message Posted: Jan 25, 2013 12:27:33 PM Ignore MadFueler Report Abuse Finally, more oil found in a civilized country. Now maybe they have both the tax base and the material to improve transportation through the Outback and drive tourism. Of course, water is another matter.
DanMtz Champion Author Oakland Posts:3,355 Points:1,243,325 Joined:Oct 2009	Message Posted: Jan 25, 2013 10:35:27 AM Ignore DanMtz Report Abuse Peak oil? What peak oil?
truvoice1 Champion Author San Diego Posts:1,283 Points:474,340 Joined:Feb 2011	Message Posted: Jan 25, 2013 10:20:51 AM Ignore truvoice1 Report Abuse G'day mates! Let's celebrate and put another shrimp on the barbie!
BEGTWO Champion Author Maryland Posts:1,947 Points:725,115 Joined:Sep 2010	Message Posted: Jan 25, 2013 8:53:59 AM Ignore BEGTWO Report Abuse COOL
NedW Champion Author Indianapolis Posts:5,620 Points:1,143,220 Joined:Mar 2008	Message Posted: Jan 25, 2013 7:56:02 AM Ignore NedW Report Abuse If they don't have flawed leadership like the US, maybe they'll make use of it.
sillywagon Champion Author New York Posts:14,891 Points:1,442,095 Joined:Oct 2008	Message Posted: Jan 24, 2013 11:35:35 PM Ignore sillywagon Report Abuse Did Paul Hogan find this discovery while driving in a Subaru?
fencemanNY Veteran Author New York Posts:414 Points:357,435 Joined:Jul 2008	Message Posted: Jan 24, 2013 5:47:51 PM Ignore fencemanNY Report Abuse Keep it there for them to use. Less middle east oil.
listerone Champion Author Boston Posts:3,380 Points:878,765 Joined:Aug 2008	Message Posted: Jan 24, 2013 3:41:05 PM Ignore listerone Report Abuse Interesting
tankumo Veteran Author Vancouver Posts:397 Points:69,760 Joined:Dec 2012	Message Posted: Jan 24, 2013 2:52:36 PM Ignore tankumo Report Abuse But they need money to drill, and mostly they drill dry holes. It's virgin territory, they need more money, they need help, I mean the junior oil exploration companies.
FlatulenceOdor Sophomore Author Maryland Posts:215 Points:208,170 Joined:Sep 2012	Message Posted: Jan 24, 2013 2:17:12 PM Ignore FlatulenceOdor Report Abuse Just walk away and we'll give you a safe passageway in the wastelands Just walk away! The Road Warrior intuition was right.
ss70 Champion Author Detroit Posts:9,662 Points:1,870,100 Joined:Sep 2005	Message Posted: Jan 24, 2013 12:53:50 PM Ignore ss70 Report Abuse where are those peak oil pundits ... they made people suffer with their stupidity
gbs1 Champion Author Minnesota Posts:2,001 Points:742,600 Joined:Mar 2011	Message Posted: Jan 24, 2013 11:58:03 AM Ignore gbs1 Report Abuse Great news for world oil consumers
CapriceWagon All-Star Author Washington Posts:939 Points:479,070 Joined:Feb 2008	Message Posted: Jan 24, 2013 11:52:55 AM Ignore CapriceWagon Report Abuse I hope they manage it wisely and don't squander the profits
07skydriver Champion Author Ohio Posts:3,264 Points:983,290 Joined:Feb 2009	Message Posted: Jan 24, 2013 11:46:18 AM Ignore 07skydriver Report Abuse Great news. I can finally go out and trade in my V8 pick-up for a V10 monster truck.
amgine27 Champion Author New York Posts:1,273 Points:307,440 Joined:Aug 2008	Message Posted: Jan 24, 2013 11:43:34 AM Ignore amgine27 Report Abuse now will the gas go down...............probably not
peakkeller Champion Author Colorado Springs Posts:1,691 Points:777,350 Joined:Dec 2009	Message Posted: Jan 24, 2013 11:26:27 AM Ignore peakkeller Report Abuse Amazing how we continue to find oil. Hopefully this basin won't be tough to extract.
Jeff4U Champion Author Atlanta Posts:8,761 Points:1,853,345 Joined:Nov 2004	Message Posted: Jan 24, 2013 10:34:22 AM Ignore Jeff4U Report Abuse All these new discoveries surely have silenced the whining "peak oil" crowd.
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: Jan 24, 2013 10:29:34 AM Ignore drpepperTX Report Abuse It will be interesting to follow up this find.
coughlin Champion Author San Jose Posts:5,185 Points:1,117,865 Joined:Sep 2009	Message Posted: Jan 24, 2013 10:28:16 AM Ignore coughlin Report Abuse This is a big deal!
Buckeyee Champion Author Maine Posts:4,610 Points:899,755 Joined:May 2010	Message Posted: Jan 24, 2013 10:08:31 AM Ignore Buckeyee Report Abuse Hope the Aussies don't have democrats to blow the nations new wealth like they do in the US.
YaBassa Champion Author Michigan Posts:2,430 Points:517,100 Joined:Nov 2011	Message Posted: Jan 24, 2013 9:56:08 AM Ignore YaBassa Report Abuse Good luck with that Australia
humblepie Champion Author Toledo Posts:34,233 Points:2,372,285 Joined:Mar 2006	Message Posted: Jan 24, 2013 9:46:11 AM Ignore humblepie Report Abuse will take awhile to develope
LilRedWagonIN Champion Author Indiana Posts:7,776 Points:1,555,135 Joined:Oct 2008	Message Posted: Jan 24, 2013 9:20:21 AM Ignore LilRedWagonIN Report Abuse What ever happened to those who believed in "peak oil?" Maybe the abiotic oil theory isn't as crazy as "fossil fuel."
brbaritone Champion Author Virginia Posts:2,068 Points:1,698,060 Joined:Jan 2007	Message Posted: Jan 24, 2013 9:10:16 AM Ignore brbaritone Report Abuse Great! Now Australia can supply China, and we can keep our own oil rather than exporting it.
eschroth442 Champion Author Cleveland Posts:1,079 Points:332,745 Joined:Nov 2011	Message Posted: Jan 24, 2013 9:07:04 AM Ignore eschroth442 Report Abuse the higher the price, the more companies will invest in exploring new sources
skempton Champion Author Vermont Posts:1,144 Points:839,160 Joined:Apr 2010	Message Posted: Jan 24, 2013 8:52:14 AM Ignore skempton Report Abuse How come all this stuff is being found now?
beachd8 All-Star Author Orange County Posts:754 Points:115,560 Joined:Oct 2012	Message Posted: Jan 24, 2013 8:52:00 AM Ignore beachd8 Report Abuse Wow! Hopefully they will be able to use their resources promptly.
merlinCO Champion Author Colorado Posts:1,640 Points:341,395 Joined:Mar 2012	Message Posted: Jan 24, 2013 8:49:40 AM Ignore merlinCO Report Abuse Maybe Canada can build a pipeline across Australia.
angel4me Champion Author San Jose Posts:2,814 Points:795,295 Joined:Dec 2010	Message Posted: Jan 24, 2013 8:45:45 AM Ignore angel4me Report Abuse good for that area
qwerty17 Champion Author New Jersey Posts:3,655 Points:1,117,900 Joined:Oct 2009	Message Posted: Jan 24, 2013 8:33:19 AM Ignore qwerty17 Report Abuse wow. trouble brewing for petro-regimes like opec, iran, africa & venezuela. some countries are now going to be self sufficient.
ClarkSC Champion Author South Carolina Posts:3,083 Points:1,012,380 Joined:May 2010	Message Posted: Jan 24, 2013 8:30:42 AM Ignore ClarkSC Report Abuse Good for them.
MrGasKGB Veteran Author St. Louis Posts:390 Points:145,075 Joined:Dec 2012	Message Posted: Jan 24, 2013 8:29:53 AM Ignore MrGasKGB Report Abuse Great. Get the squeeze on the rocks!
mastermariner Champion Author Texas Posts:4,248 Points:493,905 Joined:Jun 2011	Message Posted: Jan 24, 2013 8:28:38 AM Ignore mastermariner Report Abuse Excellent
ddor All-Star Author Michigan Posts:981 Points:239,570 Joined:Aug 2012	Message Posted: Jan 24, 2013 8:24:21 AM Ignore ddor Report Abuse Good for them
scu227 Champion Author New Haven Posts:4,152 Points:771,880 Joined:Feb 2011	Message Posted: Jan 24, 2013 8:23:55 AM Ignore scu227 Report Abuse Good news for Australia !!!
alex395 Champion Author Louisville Posts:2,049 Points:276,665 Joined:Jan 2007	Message Posted: Jan 24, 2013 8:22:12 AM Ignore alex395 Report Abuse Wonder if Prime Minister Julia Gillard will be as closed minded about their project as Obama was about Keystone XL?
lcleveland Champion Author San Antonio Posts:2,661 Points:651,050 Joined:May 2011	Message Posted: Jan 24, 2013 8:20:04 AM Ignore lcleveland Report Abuse fantastic
GingoutMD Champion Author Maryland Posts:3,495 Points:713,305 Joined:Jan 2010	Message Posted: Jan 24, 2013 8:18:38 AM Ignore GingoutMD Report Abuse I wish them the best. Anything it takes to lessen the power of OPEC is good.
Evilmaddog Champion Author British Columbia Posts:3,322 Points:957,550 Joined:Aug 2010	Message Posted: Jan 24, 2013 8:18:07 AM Ignore Evilmaddog Report Abuse Good for them
jbhubbell Rookie Author Alabama Posts:83 Points:33,755 Joined:Jan 2013	Message Posted: Jan 24, 2013 8:17:07 AM Ignore jbhubbell Report Abuse I would rather buy crude from them than the middle east. Lets see if there government can manage to let them drill it out. Wow another country showing us up.
investmentdr Champion Author Cleveland Posts:4,029 Points:1,455,050 Joined:Sep 2008	Message Posted: Jan 24, 2013 8:14:26 AM Ignore investmentdr Report Abuse shale resources are everywhere
W4YAH Champion Author Florida Posts:1,148 Points:232,820 Joined:Feb 2012	Message Posted: Jan 24, 2013 8:11:19 AM Ignore W4YAH Report Abuse Super!!
BIGALRPH Veteran Author St. Louis Posts:418 Points:146,865 Joined:Nov 2012	Message Posted: Jan 24, 2013 8:10:58 AM Ignore BIGALRPH Report Abuse Great find!
xgojim All-Star Author Michigan Posts:524 Points:451,770 Joined:Mar 2011	Message Posted: Jan 24, 2013 8:10:57 AM Ignore xgojim Report Abuse Anyone concerned about the future of the gasoline-powered engine? The world is awash in oil....