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Author Topic: Trillions of dollars worth of oil found in Australian outback Back to Topics
xgojim
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Michigan

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

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) Post a Reply
sjf238
Champion Author Philadelphia

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Message Posted: Jan 25, 2013 12:51:39 PM

Ok.
MadFueler
Champion Author Winston-Salem

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Message Posted: Jan 25, 2013 12:27:33 PM

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

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Message Posted: Jan 25, 2013 10:35:27 AM

Peak oil? What peak oil?
truvoice1
Champion Author San Diego

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Message Posted: Jan 25, 2013 10:20:51 AM

G'day mates! Let's celebrate and put another shrimp on the barbie!
BEGTWO
Champion Author Maryland

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Message Posted: Jan 25, 2013 8:53:59 AM

COOL
NedW
Champion Author Indianapolis

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Message Posted: Jan 25, 2013 7:56:02 AM

If they don't have flawed leadership like the US, maybe they'll make use of it.
sillywagon
Champion Author New York

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Message Posted: Jan 24, 2013 11:35:35 PM

Did Paul Hogan find this discovery while driving in a Subaru?
fencemanNY
Veteran Author New York

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Message Posted: Jan 24, 2013 5:47:51 PM

Keep it there for them to use. Less middle east oil.
listerone
Champion Author Boston

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Message Posted: Jan 24, 2013 3:41:05 PM

Interesting
tankumo
All-Star Author Vancouver

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Message Posted: Jan 24, 2013 2:52:36 PM

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
All-Star Author Maryland

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Message Posted: Jan 24, 2013 2:17:12 PM

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

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Message Posted: Jan 24, 2013 12:53:50 PM

where are those peak oil pundits ... they made people suffer with their stupidity
gbs1
Champion Author Minnesota

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Message Posted: Jan 24, 2013 11:58:03 AM

Great news for world oil consumers
CapriceWagon
Champion Author Washington

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Message Posted: Jan 24, 2013 11:52:55 AM

I hope they manage it wisely and don't squander the profits
07skydriver
Champion Author Ohio

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Message Posted: Jan 24, 2013 11:46:18 AM

Great news. I can finally go out and trade in my V8 pick-up for a V10 monster truck.
amgine27
Champion Author New York

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Message Posted: Jan 24, 2013 11:43:34 AM

now will the gas go down...............probably not
peakkeller
Champion Author Colorado Springs

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Message Posted: Jan 24, 2013 11:26:27 AM

Amazing how we continue to find oil. Hopefully this basin won't be tough to extract.
Jeff4U
Champion Author Atlanta

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Message Posted: Jan 24, 2013 10:34:22 AM

All these new discoveries surely have silenced the whining "peak oil" crowd.
drpepperTX
Champion Author Texas

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Message Posted: Jan 24, 2013 10:29:34 AM

It will be interesting to follow up this find.
coughlin
Champion Author San Jose

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Message Posted: Jan 24, 2013 10:28:16 AM

This is a big deal!
Buckeyee
Champion Author Maine

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Message Posted: Jan 24, 2013 10:08:31 AM

Hope the Aussies don't have democrats to blow the nations new wealth like they do in the US.
YaBassa
Champion Author Michigan

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Message Posted: Jan 24, 2013 9:56:08 AM

Good luck with that Australia
humblepie
Champion Author Toledo

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Message Posted: Jan 24, 2013 9:46:11 AM

will take awhile to develope
LilRedWagonIN
Champion Author Indiana

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Message Posted: Jan 24, 2013 9:20:21 AM

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

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Message Posted: Jan 24, 2013 9:10:16 AM

Great! Now Australia can supply China, and we can keep our own oil rather than exporting it.
eschroth442
Champion Author Cleveland

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Message Posted: Jan 24, 2013 9:07:04 AM

the higher the price, the more companies will invest in exploring new sources
skempton
Champion Author Vermont

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Message Posted: Jan 24, 2013 8:52:14 AM

How come all this stuff is being found now?
beachd8
Champion Author Orange County

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Message Posted: Jan 24, 2013 8:52:00 AM

Wow! Hopefully they will be able to use their resources promptly.
merlinCO
Champion Author Colorado

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Message Posted: Jan 24, 2013 8:49:40 AM

Maybe Canada can build a pipeline across Australia.
angel4me
Champion Author San Jose

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Message Posted: Jan 24, 2013 8:45:45 AM

good for that area
qwerty17
Champion Author New Jersey

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Message Posted: Jan 24, 2013 8:33:19 AM

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

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Message Posted: Jan 24, 2013 8:30:42 AM

Good for them.
MrGasKGB
Champion Author St. Louis

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Message Posted: Jan 24, 2013 8:29:53 AM

Great. Get the squeeze on the rocks!
mastermariner
Champion Author Texas

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Message Posted: Jan 24, 2013 8:28:38 AM

Excellent
ddor
Champion Author Michigan

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Message Posted: Jan 24, 2013 8:24:21 AM

Good for them
scu227
Champion Author New Haven

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Message Posted: Jan 24, 2013 8:23:55 AM

Good news for Australia !!!
alex395
Champion Author Louisville

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Message Posted: Jan 24, 2013 8:22:12 AM

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

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Message Posted: Jan 24, 2013 8:20:04 AM

fantastic
GingoutMD
Champion Author Maryland

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Message Posted: Jan 24, 2013 8:18:38 AM

I wish them the best. Anything it takes to lessen the power of OPEC is good.
Evilmaddog
Champion Author British Columbia

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Message Posted: Jan 24, 2013 8:18:07 AM

Good for them
jbhubbell
Rookie Author Alabama

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Message Posted: Jan 24, 2013 8:17:07 AM

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

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Message Posted: Jan 24, 2013 8:14:26 AM

shale resources are everywhere
W4YAH
Champion Author Florida

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Message Posted: Jan 24, 2013 8:11:19 AM

Super!!
BIGALRPH
Champion Author St. Louis

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Message Posted: Jan 24, 2013 8:10:58 AM

Great find!
xgojim
Champion Author Michigan

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Message Posted: Jan 24, 2013 8:10:57 AM

Anyone concerned about the future of the gasoline-powered engine? The world is awash in oil....
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