BecauseIKnow
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- Aug 5, 2012
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Trillions of dollars worth of oil found in Australian outback - Telegraph
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 companys 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 regions rocks.
It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at todays 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 worlds largest oil producer as soon as this year.
Peter Bond, Linc Energys chief executive, said the find could transform the worlds oil industry but noted that it would cost about £200 million to enable production in the area.
.............
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 companys 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 regions rocks.
It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at todays 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 worlds largest oil producer as soon as this year.
Peter Bond, Linc Energys chief executive, said the find could transform the worlds oil industry but noted that it would cost about £200 million to enable production in the area.
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