Australia could move from being oil importer to exporter with $20 trillion shale oil find

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    Jan 25, 2013 11:03 PM GMT
    Fantastic news for Australia, bad news for the despots in the middle east and the idiot in Venezuela.

    http://www.news.com.au/business/companies/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-fnda1bsz-1226560401043

    Mr Bond said the potential in SA was "massive", but even at the lower end of estimates - about 3.5 billion barrels - it was still very large.
    "If you look at the upper target, which is 103-233 billion barrels of oil, that's massive," he said.

    "The opportunity of turning this into the next shale boom is very real.

    "If the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it's one of the key prospective territories in the world at the moment." Mr Bond said each well could flow at 1000-2000 barrels per day.


    By way of reference, Saudi Arabia is estimated to have 263 billion barrels.
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    Jan 25, 2013 11:05 PM GMT
    It's about time Australia exports something besides hot guys.
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    Feb 01, 2013 5:08 PM GMT
    More here - pretty stunning find:
    http://thediplomat.com/pacific-money/2013/02/01/australia-asias-saudi-arabia/
  • roadbikeRob

    Posts: 14336

    Feb 02, 2013 3:15 PM GMT
    riddler78 saidFantastic news for Australia, bad news for the despots in the middle east and the idiot in Venezuela.

    http://www.news.com.au/business/companies/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-fnda1bsz-1226560401043

    Mr Bond said the potential in SA was "massive", but even at the lower end of estimates - about 3.5 billion barrels - it was still very large.
    "If you look at the upper target, which is 103-233 billion barrels of oil, that's massive," he said.

    "The opportunity of turning this into the next shale boom is very real.

    "If the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it's one of the key prospective territories in the world at the moment." Mr Bond said each well could flow at 1000-2000 barrels per day.


    By way of reference, Saudi Arabia is estimated to have 263 billion barrels.
    That extremist idiot in Venezuela should be overthrone. I can't stand Hugo Chavez.