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Possible $20tr. shale oil find in Australia


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#1    DKO

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Posted 24 January 2013 - 02:06 PM

Quote

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.

http://www.perthnow....b-1226560401043

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#2    Frank Merton

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Posted 24 January 2013 - 02:19 PM

I thought Australia was already self-sufficient in energy production.

It seems as though you get the price high enough for long enough, new technologies and new discoveries will happen everywhere.  Yesterday I read about something similar in Cyprus.

For sure the oil will someday run out, but that someday seems to keep getting postponed.


#3    Wickian

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Posted 24 January 2013 - 03:52 PM

Until we create the technology to store large amounts of energy in a way that is practical for prolonged, power intensive period of time and mobile use(better batteries essentially), then the internal combustion engine isn't going anywhere.


#4    Frank Merton

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Posted 24 January 2013 - 04:34 PM

View PostWickian, on 24 January 2013 - 03:52 PM, said:

Until we create the technology to store large amounts of energy in a way that is practical for prolonged, power intensive period of time and mobile use(better batteries essentially), then the internal combustion engine isn't going anywhere.
More than likely, but predicting what will or will not be discovered is a chancy thing.  If nothing to save the car comes along and gasoline gets unavailable, maybe we will all go back to bicycles.  Would take some getting use to but I think we would largely survive, and I would no longer need to look for parking spaces.


#5    Wickian

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Posted 24 January 2013 - 08:39 PM

View PostFrank Merton, on 24 January 2013 - 04:34 PM, said:

More than likely, but predicting what will or will not be discovered is a chancy thing.  If nothing to save the car comes along and gasoline gets unavailable, maybe we will all go back to bicycles.  Would take some getting use to but I think we would largely survive, and I would no longer need to look for parking spaces.

I believe that if gasoline was ever in a near danger of running out the government would take control of all remaining amounts to last a few decades at least for military purposes.  And for politicians to keep their cars/planes running of course.


#6    tipotep

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Posted 25 January 2013 - 12:51 AM

View PostFrank Merton, on 24 January 2013 - 02:19 PM, said:

I thought Australia was already self-sufficient in energy production.

It seems as though you get the price high enough for long enough, new technologies and new discoveries will happen everywhere.  Yesterday I read about something similar in Cyprus.

For sure the oil will someday run out, but that someday seems to keep getting postponed.

We have massive reserves of natural gas but most of the wells have been capped off , and wont be used till much later , AFAIK we don't have huge stocks of  oil , untill now .

Hopefully this will bring the price of petrol down , we are getting stung ATM  , its around $ 1.50 AUS a litre .

TiP.

Edited by tipotep, 25 January 2013 - 12:52 AM.

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#7    CRYSiiSx2

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Posted 25 January 2013 - 12:56 AM

Good thing Bush isn't in office lol.

Edited by CRYSiiSx2, 25 January 2013 - 12:56 AM.

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#8    Sir Wearer of Hats

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Posted 25 January 2013 - 02:18 AM

That's right b****es, it's AUSTRALIA'S turn to be the superpower.

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#9    DKO

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Posted 25 January 2013 - 12:35 PM

I don't really like much of Joe Rogan, but I read a funny comment he made about this:

Quote

Weapons of mass destruction aka $20 trillion in OIL found in Australia.

These Australian insurgents hate our freedom. Their pro-Iranian people need to be freed. Democracy must be brought to them.


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#10    EllJay

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Posted 25 January 2013 - 12:47 PM

View PostDKO, on 25 January 2013 - 12:35 PM, said:

I don't really like much of Joe Rogan, but I read a funny comment he made about this:


Quote


Weapons of mass destruction aka $20 trillion in OIL found in Australia.

These Australian insurgents hate our freedom. Their pro-Iranian people need to be freed. Democracy must be brought to them.

Yeah Australia, stand by to be "liberated" by the USA any day now.
Liberated from your oil, that is.

I wonder what they will call this campaign to feign humanitarian concern? Operation Free The Aboriginals? ;)

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#11    Timonthy

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Posted 25 January 2013 - 01:06 PM

Will be interesting to see how this plays out and what the volume is which we will actually be able to extract.

Would be a nice boost for the economy. And it would be nice to see the price of petrol go back down for a while...

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#12    Corp

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Posted 25 January 2013 - 04:29 PM

View PostEllJay, on 25 January 2013 - 12:47 PM, said:

Yeah Australia, stand by to be "liberated" by the USA any day now.
Liberated from your oil, that is.

I wonder what they will call this campaign to feign humanitarian concern? Operation Free The Aboriginals? ;)

The Auzzies unjustly claim that dingos are eating their babies. As a result dingos are hated and feared, blocked from top government positions and are denied fair representation. We can no longer stand idly by and let these crimes continue!

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#13    pallidin

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Posted 25 January 2013 - 04:49 PM

View PostWickian, on 24 January 2013 - 08:39 PM, said:

I believe that if gasoline was ever in a near danger of running out the government would take control of all remaining amounts to last a few decades at least for military purposes.  And for politicians to keep their cars/planes running of course.

The US does have what's known as "strategic reserves" of oil.

See here: http://en.wikipedia...._(United_States)

Edited by pallidin, 25 January 2013 - 04:51 PM.


#14    DKO

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Posted 26 January 2013 - 03:14 AM

View PostCorp, on 25 January 2013 - 04:29 PM, said:

The Auzzies unjustly claim that dingos are eating their babies. As a result dingos are hated and feared, blocked from top government positions and are denied fair representation. We can no longer stand idly by and let these crimes continue!

It's all a conspiracy. The dingoes never ate any babies, they just discovered the oil first and the government used the classic smear campaign.

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#15    The Silver Thong

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Posted 26 January 2013 - 03:38 AM

Shale oil or gas requires Fracking and the practice is yet to be proven safe. Don`t jump the gun as Fracking could prove the saying if it`s to could to be true it usually is.

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