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Shale oil worth "trillions" discovered in Australia

GasBuddy Blog -- Look what they've found 'down under'!

The Telegraph is reporting that 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 also possible however that just 3.5 billion...


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Submitted Jan 31, 2013 By: PD
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REPLIES (newest first) Post a Reply
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moose21040
Veteran Author Baltimore

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Message Posted: Feb 9, 2013 8:40:43 PM

hopefully it will lower the US gas prices
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phpearso
Veteran Author Indiana

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Message Posted: Feb 9, 2013 2:50:07 AM

Anyone think it will help us get cheaper gasoline?
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 4, 2013 5:59:12 AM

doubtful that the Aborigines will see anything of that wealth. Just like in the US...
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TheBigJukebox
Rookie Author Anchorage

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Message Posted: Feb 4, 2013 5:43:09 AM

Its to bad that the companies that hire for the jobs that these finds create only hire a few type of people because there are a lot of job seekers that would like to be hired that probably wont qualify.
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poppa09
Rookie Author Cleveland

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Message Posted: Feb 3, 2013 9:56:02 PM

That's a lot of black gold either way you see it.
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 3, 2013 8:11:17 AM

if the Aussies are smart, they look first, then drill. But, in today's world, money is more important.
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 3, 2013 8:10:13 AM

Watch and learn from the side effects that has (as evidenced in the US)...
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nb52
Champion Author Grand Rapids

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Message Posted: Feb 2, 2013 9:15:20 PM

Good for Australia!
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dcoxdcox44
All-Star Author New Hampshire

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Message Posted: Feb 2, 2013 10:23:36 AM

20 points!
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unemployed58
Veteran Author Montreal

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Message Posted: Feb 1, 2013 11:25:58 PM

$$$$$$$$$$$$$$$$$$$$$$$
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msf1527
Champion Author San Bernardino

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Message Posted: Feb 1, 2013 10:49:41 PM

Start drilling...
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Marson
Champion Author Scranton

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Message Posted: Feb 1, 2013 10:40:58 PM

OK.
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dlemma
Champion Author Wyoming

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Message Posted: Feb 1, 2013 8:51:04 PM

go get it!
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jesanfo
Sophomore Author Oklahoma

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Message Posted: Feb 1, 2013 3:03:33 PM

It's important to remember that these are estimates and of course as the article states "it is not yet known how commercially viable it will be to access the oil".
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CPGas1815
Champion Author Michigan

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Message Posted: Feb 1, 2013 12:47:41 PM

I am still skeptical about the so called shale boom. Polluting our planet by the global polluters could end life as we now know it.
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Costello
Champion Author South Dakota

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Message Posted: Feb 1, 2013 12:37:38 PM

Good for the Aussies!!!
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CapriceWagon
Champion Author Washington

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Message Posted: Feb 1, 2013 12:28:57 PM

I've read this more than once
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ILANGE9
Champion Author Illinois

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Message Posted: Feb 1, 2013 12:27:14 PM

Repeat
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LuckyD43
Champion Author Long Island

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Message Posted: Feb 1, 2013 12:16:55 PM

Read this and commented yesterday.
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aalix
Champion Author Orange County

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Message Posted: Feb 1, 2013 12:15:17 PM

So what's going to the land if you extract the shale oil?
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Lilybird1212
Veteran Author Idaho

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Message Posted: Feb 1, 2013 12:13:16 PM

Australians - don't let them destroy your land.
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ace12012
Champion Author Phoenix

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Message Posted: Feb 1, 2013 12:09:33 PM

read it before.
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rippertoo
Champion Author Tacoma

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Message Posted: Feb 1, 2013 12:07:58 PM

One more time.
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bluebird1
Champion Author Toronto

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Message Posted: Feb 1, 2013 12:07:49 PM

Slightly recycled news ...so where do we stand on 'Peak Oil' now????
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Bud122CA
Champion Author California

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Message Posted: Feb 1, 2013 12:07:38 PM

Good for Australia and I'm sure there is a lot more to yet be discovered.
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firechief
Champion Author New York

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Message Posted: Feb 1, 2013 12:06:24 PM

yesterdays story, good for them
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filcut
Champion Author Anchorage

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Message Posted: Feb 1, 2013 12:06:17 PM

Where is Lucy Lawless when they need her?
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nehemiah
Champion Author Portland

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Message Posted: Feb 1, 2013 12:05:00 PM

but the prices keeps going up
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JaegerWMeister
Champion Author Twin Cities

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Message Posted: Feb 1, 2013 12:03:28 PM

Old
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SoutheastdannyB
All-Star Author Grand Rapids

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Message Posted: Feb 1, 2013 12:01:45 PM

wow, "trillions".
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Taurus1
Champion Author Ohio

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Message Posted: Feb 1, 2013 12:01:41 PM

Will Australia sink after they suck out all the shale oil?
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ntass1
Champion Author Edmonton

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Message Posted: Feb 1, 2013 11:58:06 AM

tap it. sure it will years before they the build refiners and pipelines to transport it.and pass environmental and safety regulations in place.
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jnseyeongas
Champion Author Milwaukee

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Message Posted: Feb 1, 2013 11:57:11 AM

Go for it
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Jeepergeo
Champion Author San Bernardino

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Message Posted: Feb 1, 2013 11:52:39 AM

Tap it.
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NanookAK
Champion Author Anchorage

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Message Posted: Feb 1, 2013 11:52:26 AM

Old news.
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sdiddydaddy
Champion Author Grand Rapids

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Message Posted: Feb 1, 2013 11:52:19 AM

Good for Australia and the rest of the world.
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justbill647
Champion Author Baton Rouge

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Message Posted: Feb 1, 2013 11:52:18 AM

We're running out of space to store crude and the price for oil and gas keeps going up.
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fedupMN
Champion Author Twin Cities

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Message Posted: Feb 1, 2013 11:52:10 AM

Seems to me they have not "found" anything, it is just based on some consultants report. They still have to get it out of the ground.
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CheckitoutGuy
Champion Author San Diego

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Message Posted: Feb 1, 2013 11:49:28 AM

Nice!
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Wierbe
Champion Author Cincinnati

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Message Posted: Feb 1, 2013 11:49:22 AM

A long way to ship, but may be worth it.
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eaglev
Champion Author Oklahoma City

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Message Posted: Feb 1, 2013 11:43:44 AM

We do have a good aliance with Austraila, maybe we can quit going thru the middle east.
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tomklo
Champion Author Fort Worth

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Message Posted: Feb 1, 2013 11:43:23 AM

good
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Black Wagon
Champion Author Illinois

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Message Posted: Feb 1, 2013 11:42:42 AM

That will probably create some jobs too.
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ItisAJeepThing
Champion Author Tucson

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Message Posted: Feb 1, 2013 11:42:20 AM

Good for the Aussies and good for meeting the increasing energy demands of the whole world.
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AriesMMD
Champion Author Sacramento

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Message Posted: Feb 1, 2013 11:40:08 AM

Prices at the pump won't go down. It costs more to extract the deep shale deposits.
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GGAlbo
Champion Author Detroit

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Message Posted: Feb 1, 2013 11:38:05 AM

Where are the Speculators, what all this new oil all over the World, The price of oil should hit $90 a barrel within the next ten years!!!
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gabbygusIN
Champion Author Indiana

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Message Posted: Feb 1, 2013 11:37:54 AM

Good for them
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CptnCanada
Champion Author Saskatoon

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Message Posted: Feb 1, 2013 11:37:28 AM

Not a living thing within a thousand miles of there and I bet the greens will still try and stop it
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RichFWA
Champion Author Tacoma

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Message Posted: Feb 1, 2013 11:37:13 AM

Drill and get it on the market.
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REVLAW
Champion Author San Antonio

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Message Posted: Feb 1, 2013 11:36:30 AM

But this discovery will not dampen the greed of the profiteers.
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