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 ...
Saudi Arabia was a shallow sea where a lot of dead plankton accumulated, hence their oil. Nothing to do with dead dinosaurs.
And the bloomin onion!
That was my first thought.
The Tiger is looking south.
"It belongs to them....Let's give it back...."
Tough on the Arabs. What are they going to use to fund their real-estate shopping trips to London if no one wants to buy their dwindling oil reserves anymore?
Development projects have been tied up in Australian courts by individuals claiming as little as 1/64 aboriginal blood.
And yes, their argument was that the land should be “given back” (actually an opportunity to extort cash from the developers)
Given that oil is not derived from dead dinosaurs, there probably is an unlimited supply.
It is entirely possible that the earth is replacing the stuff much faster than we can use it.
All this frecking stuff reminders me of something out of “Atlas Shrugged”.
I have a dream that Saudi Arabia and the rest of the OPEC states are destitute in five years.
It does but there are companies here in Texas that specialize in recovering, filtering and reusing that water.
Old news
If the US and Australia developed their oil reserves the only export from Saudi Arabia besides militant Islam would be sand. I can’t wait to see the Rolls and Maseratis on cinder blocks in front of a bunch of tents.
The Saudis certainly hope that is true!
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.
Kangaroo dung walks but money talks..
The fun part starts when all the Saudi oil is gone. Then all their little deeds and contracts in Europe and elsewhere will be mere pieces of paper to be torn up, and the camel jockeys will be kicked back to their desert where they belong. "What're ya gonna do about, Ahmed?"
In the '80s I worked for a rent-a-rig Kuwaiti-owned company (bought from a buch of spittoon-spitting Texans who still ran the operation) and was sent out there to install some software. We were visiting some of those mobile rigs out in the middle of nowhere when we passed a bunch of Bedouin tents - a sight that looked right out of Lawrence of Arabia. As we came by the front, I expected to see a slew of camels tethered there. Instead, there were 4-door Toyota pickups. Another illusion shattered.
Too bad Australia is cozying up to China.
No doubt. I wonder if they could use sea water. Build a port to ship the oil out of or a and then a two way pipeline. Pump the water in and the oil out.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.