Well, yeah, that's what they cook their french fries in!.............
Posted on 07/30/2013 6:37:12 AM PDT by Lorianne
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.
It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at today’s oil price, will be able to 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 have led to predictions that the US could overtake Saudi Arabia as the world’s largest oil producer as soon as this year.
(Excerpt) Read more at telegraph.co.uk ...
No need for the House of Saud to fret over this one.
Oz has gone so far over the deep end on aboriginal rights, we’ll have perfected the warp drive and nuclear fusion before this every got out of the courts.
Well, yeah, that's what they cook their french fries in!.............
I’m sure there’ll be a sand flea or something that needs protecting to put an end to this! *Rolleyes*
“...in a find that could turn the region into a new Saudi Arabia”
Minus the murderous religion aspect, of course.
We'll see how level headed Australians are.
This will be Coober Pedy.
The find will need a lot of water infrastructure bought in. Hence the need for a partner.
with the US about to face plant... and our military being cut by epic proportions...
i’m pretty sure they shouldn’t alert the 2+ billion resource hungry people to their north that they have all the oil they need...
Good for Australia! I hope they make the most of it!
Bet China is going to try to get all snuggly with them...
Odungo will declare war.....
More on Coober Pedy
http://pro.moneymappress.com/EAD4979AG/MEADP708/?a=1&o=15952&s=17538&u=699265&l=172380&r=MC&g=0
I thought you needed a lot of water to frack.
Why? Because it's BS...
Doubtful.
Of the 1-3 billion gallons of oil there, less than 10% can be taken out. That's still a lot of petroleum but the price of getting it out of the ground can cancel profits.
I'm going to wait and see what the Texans do. They've been in the "awl bidness" for a long time.
The Saudis are the ones with all the petroleum. Their country was a graveyard of dinosaurs and thus rich with the black gold. Thank goodness the Americans got in there in the 1920's and bought all the petroleum rights.
The rights were sold BACK to the Saudis in the early 1980's and they paid a pretty penny riyal for it.
Since then the King/Prince have been making $1 billion dollars every 2-3 days. I can't fathom that kind of money.
No reason for any Saudi to be nervous.
LOL!
They could always import them in for that authentic look.
This is all a scam? Well!! I never....
I think the water issue is the main setback to getting the oil out profitably.
However, if oil gets to high enough price, that problem will be overcome.
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