Boatloads of Oil discovered in Australia. Possibly 233 billion barrells
 

Finally democracy can come to Australia.

haha...jk

http://michaelsnyder.mensnewsdaily.c...y-in-50-years/

Not exactly oil Kerogen. However i suspect technology to extract it will be forthcoming soon.

In a virtually uninhabitable section of South Australia, a discovery has been made which could rock the world. Some are calling it the biggest discovery of oil in 50 years. Earlier this year, a company called Linc Energy announced that tests had revealed that there was a minimum of 3.5 billion barrels of oil equivalent sitting under more than 65,000 square kilometres of land that it owns in the Arckaringa Basin. But that is the minimum number. It has been projected that there could ultimately be up to 233 billion barrels of recoverable oil in the area. If that turns out to be accurate, the oil sitting under that land is worth approximately 20 trillion dollars, and it would be roughly equivalent to the total amount of oil sitting under the sands of Saudi Arabia. In essence, it would be a massive game changer.


Hopefully some locals get to make some big money.

:1orglaugh:1orglaugh:1orglaugh

Yeah, and hopefully we see a chunk of savings at the gas pump somehow... not likely though..

:1orglaugh:1orglaugh

huge news if this is true

I'm sure they just happend to own the land and just stumbled upon it. It's just like all of these other "finds" they've known about all along but it doesn't fit in with the "we're runnning out of oil" myth.

BTW when are we going to invade?

lol that's never going to happen. My country produces more oil than we can consume ourself and we still have to pay more than $2 per liter of gasoline (that's about $8 per Gallon) - go figure.

Time for us to invade Australia!

Huh. I remember this being reported last year or something, this is not a new story.

Also it is most likely just a "normal" shale oil find (i.e. very expensive & dirty to extract), with Linc Energy hyping it up in order to drum up investment (public subsidies anyone?) for the hundreds of millions of $$$ in infrastructure required to even start tapping it. Propaganda from Big Oil, I'd be highly surprised if it ever amounts to more than that.

Here's an article from last January where the CEO of Linc Energy himself walks back those reported estimates:

http://www.smh.com.au/business/20-tr...124-2d8zf.html

"‘‘That’s not our valution. I don’t know who did that but someone’s got a calculator out and come up with that number ... but we wouldn’t put a valuation on it at this stage. It’s too hard."

‘‘Obviously if you want to stand up there and come up with $US100 times 100 billion barrels, you’ll come up with a big number. That’s not how you value oil resources anyway.’’

‘‘There is no certainty that any portion of the prospective resources estimated herein will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.’’

So, yeah.
The article linked by the OP that started this whole thread was written by this retard - http://theeconomiccollapseblog.com/ - you really should read less of that stuff, it'll rot yer brain...

yea just shale, that's too bad

huge deposits of the stuff in NA as well

:1orglaugh :1orglaugh ...

That oil is probably the only thing that keep the island floating.


Why would Australian oil reduce US prices?

Dreamer:1orglaugh:thumbsup

Our gas prices are still rising almost daily here...

I Love Australia

damn.. we finally found something to agree on.. haha

The way i see it if you can afford to drill deep enough oil will present itself. I've never believed it came from dinosaurs either but that is a different discussion.

Squirted into the ground by mighty Yahweh 6000 years ago?

Meanwhile in the Gulf of Mexico a natural gas well burns down it's platform rig while they consider drilling a relief well.

Is it even in the news?

Fake article ?

:disgust:disgust

http://abcnews.go.com/US/wireStory/a...f-rig-19761753

relief well talk yesterday.. this whole thing has the potential to make the BP spill pale in comparison

I almost feel like starting a thread so we can have that discussion. Do you have an opinion that differs from the official story on where pearls come from? Diamonds?

Oil from dinosaurs? Did I really just read that? Next you will tell me chickens lat golden eggs.

there is a supposeded ozone layer hole over my country and we're supposed to get extremely hot summers. this summer might be for me extremely hot, you know what i mean.

i am not sure anyone knows what you mean..lol

have a luck:thumbsup