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Getbig Main Boards => Politics and Political Issues Board => Topic started by: blacken700 on January 24, 2013, 05:32:54 PM

Title: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: blacken700 on January 24, 2013, 05:32:54 PM: 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 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 rocks. It is likely that only 3.5 billion barrels, worth almost $359 billion at today’s 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 world’s largest oil producer as soon as this year. Peter Bond, Linc Energy’s chief executive, said the find could transform the world’s 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
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: Soul Crusher on January 24, 2013, 06:58:39 PM: O-SHIT is pissed off over this
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: Roger Bacon on January 24, 2013, 07:29:36 PM: Getbig's webcke owns thousands of acres in the outback. This explains his absence! ;D
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: Montague on January 25, 2013, 01:49:51 AM: In before, "So, does that mean we're invading them next?"
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: booty on January 25, 2013, 01:59:59 AM: Well that's nice.
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: WOOO on January 25, 2013, 03:50:11 AM: Quote from: 333386 on January 24, 2013, 06:58:39 PM
O-SHIT is pissed off over this

Quote from: 333386 on September 18, 2006, 12:45:22 PM
SUED!!!!!!!!!!!!!!!!!!
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: falco on January 25, 2013, 07:28:58 AM: Sounds like a well elaborate scheme. Gas prices just won't go down, mark my words.
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: GigantorX on January 25, 2013, 07:34:42 AM: Quote from: falco on January 25, 2013, 07:28:58 AM
Sounds like a well elaborate scheme. Gas prices just won't go down, mark my words.

A huge oil find doesn't automatically = lower gas prices. It depends on how ROEI and ROI. How much capital does it take to extract a barrel from the field, that is the question.
Title: Re: Oil discovery in Australia’s outback could ‘transform world’s oil industry’
Post by: 240 is Back on January 25, 2013, 08:14:18 AM: sounds like those australians will need 'liberated' soon. let's bring them democracy!