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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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moose21040 Rookie Author Baltimore Posts:81 Points:112,455 Joined:Jan 2011	Message Posted: Feb 9, 2013 6:40:43 PM Ignore moose21040 Report Abuse hopefully it will lower the US gas prices
phpearso Sophomore Author Indiana Posts:109 Points:133,770 Joined:Mar 2004	Message Posted: Feb 9, 2013 12:50:07 AM Ignore phpearso Report Abuse Anyone think it will help us get cheaper gasoline?
honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Feb 4, 2013 3:59:12 AM Ignore honda0105 Report Abuse doubtful that the Aborigines will see anything of that wealth. Just like in the US...
TheBigJukebox Rookie Author Anchorage Posts:4 Points:205 Joined:Feb 2013	Message Posted: Feb 4, 2013 3:43:09 AM Ignore TheBigJukebox Report Abuse 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.
poppa09 Rookie Author Cleveland Posts:50 Points:512,825 Joined:May 2009	Message Posted: Feb 3, 2013 7:56:02 PM Ignore poppa09 Report Abuse That's a lot of black gold either way you see it.
honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Feb 3, 2013 6:11:17 AM Ignore honda0105 Report Abuse if the Aussies are smart, they look first, then drill. But, in today's world, money is more important.
honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Feb 3, 2013 6:10:13 AM Ignore honda0105 Report Abuse Watch and learn from the side effects that has (as evidenced in the US)...
nb52 Champion Author Grand Rapids Posts:7,765 Points:1,543,925 Joined:Nov 2008	Message Posted: Feb 2, 2013 7:15:20 PM Ignore nb52 Report Abuse Good for Australia!
dcoxdcox44 All-Star Author New Hampshire Posts:617 Points:198,710 Joined:Aug 2011	Message Posted: Feb 2, 2013 8:23:36 AM Ignore dcoxdcox44 Report Abuse 20 points!
unemployed58 Veteran Author Montreal Posts:250 Points:64,145 Joined:Oct 2012	Message Posted: Feb 1, 2013 9:25:58 PM Ignore unemployed58 Report Abuse $$$$$$$$$$$$$$$$$$$$$$$
msf1527 All-Star Author San Bernardino Posts:536 Points:130,445 Joined:Nov 2012	Message Posted: Feb 1, 2013 8:49:41 PM Ignore msf1527 Report Abuse Start drilling...
Marson Champion Author Scranton Posts:8,932 Points:2,075,235 Joined:Oct 2006	Message Posted: Feb 1, 2013 8:40:58 PM Ignore Marson Report Abuse OK.
dlemma Champion Author Wyoming Posts:4,091 Points:1,552,095 Joined:Feb 2008	Message Posted: Feb 1, 2013 6:51:04 PM Ignore dlemma Report Abuse go get it!
jesanfo Sophomore Author Oklahoma Posts:243 Points:170,675 Joined:Feb 2010	Message Posted: Feb 1, 2013 1:03:33 PM Ignore jesanfo Report Abuse 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".
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Feb 1, 2013 10:47:41 AM Ignore CPGas1815 Report Abuse 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.
Costello Champion Author South Dakota Posts:1,396 Points:1,151,515 Joined:Jan 2007	Message Posted: Feb 1, 2013 10:37:38 AM Ignore Costello Report Abuse Good for the Aussies!!!
CapriceWagon All-Star Author Washington Posts:929 Points:475,970 Joined:Feb 2008	Message Posted: Feb 1, 2013 10:28:57 AM Ignore CapriceWagon Report Abuse I've read this more than once
ILANGE9 Champion Author Illinois Posts:7,600 Points:1,594,275 Joined:Sep 2008	Message Posted: Feb 1, 2013 10:27:14 AM Ignore ILANGE9 Report Abuse Repeat
LuckyD43 Champion Author Long Island Posts:31,975 Points:2,165,145 Joined:Apr 2005	Message Posted: Feb 1, 2013 10:16:55 AM Ignore LuckyD43 Report Abuse Read this and commented yesterday.
aalix Champion Author Orange County Posts:23,167 Points:4,118,470 Joined:Aug 2001	Message Posted: Feb 1, 2013 10:15:17 AM Ignore aalix Report Abuse So what's going to the land if you extract the shale oil?
Lilybird1212 Veteran Author Idaho Posts:397 Points:67,815 Joined:Oct 2012	Message Posted: Feb 1, 2013 10:13:16 AM Ignore Lilybird1212 Report Abuse Australians - don't let them destroy your land.
ace12012 Champion Author Phoenix Posts:1,655 Points:322,885 Joined:Apr 2012	Message Posted: Feb 1, 2013 10:09:33 AM Ignore ace12012 Report Abuse read it before.
rippertoo Champion Author Tacoma Posts:5,740 Points:1,138,910 Joined:Jan 2010	Message Posted: Feb 1, 2013 10:07:58 AM Ignore rippertoo Report Abuse One more time.
bluebird1 Champion Author Toronto Posts:15,720 Points:3,105,200 Joined:May 2004	Message Posted: Feb 1, 2013 10:07:49 AM Ignore bluebird1 Report Abuse Slightly recycled news ...so where do we stand on 'Peak Oil' now????
Bud122CA Champion Author California Posts:7,456 Points:1,603,150 Joined:Jul 2008	Message Posted: Feb 1, 2013 10:07:38 AM Ignore Bud122CA Report Abuse Good for Australia and I'm sure there is a lot more to yet be discovered.
firechief Champion Author New York Posts:3,431 Points:2,064,200 Joined:Mar 2004	Message Posted: Feb 1, 2013 10:06:24 AM Ignore firechief Report Abuse yesterdays story, good for them
filcut Champion Author Anchorage Posts:1,169 Points:1,351,685 Joined:Jun 2005	Message Posted: Feb 1, 2013 10:06:17 AM Ignore filcut Report Abuse Where is Lucy Lawless when they need her?
nehemiah Champion Author Portland Posts:4,746 Points:927,590 Joined:Jul 2007	Message Posted: Feb 1, 2013 10:05:00 AM Ignore nehemiah Report Abuse but the prices keeps going up
JaegerWMeister All-Star Author Twin Cities Posts:790 Points:336,065 Joined:Mar 2012	Message Posted: Feb 1, 2013 10:03:28 AM Ignore JaegerWMeister Report Abuse Old
SoutheastdannyB All-Star Author Grand Rapids Posts:590 Points:581,880 Joined:Jul 2007	Message Posted: Feb 1, 2013 10:01:45 AM Ignore SoutheastdannyB Report Abuse wow, "trillions".
Taurus1 Champion Author Ohio Posts:3,115 Points:1,670,700 Joined:Apr 2006	Message Posted: Feb 1, 2013 10:01:41 AM Ignore Taurus1 Report Abuse Will Australia sink after they suck out all the shale oil?
ntass1 Champion Author Edmonton Posts:3,780 Points:725,100 Joined:May 2011	Message Posted: Feb 1, 2013 9:58:06 AM Ignore ntass1 Report Abuse tap it. sure it will years before they the build refiners and pipelines to transport it.and pass environmental and safety regulations in place.
jnseyeongas All-Star Author Milwaukee Posts:745 Points:592,110 Joined:Feb 2011	Message Posted: Feb 1, 2013 9:57:11 AM Ignore jnseyeongas Report Abuse Go for it
Jeepergeo Champion Author San Bernardino Posts:1,380 Points:584,680 Joined:Jan 2011	Message Posted: Feb 1, 2013 9:52:39 AM Ignore Jeepergeo Report Abuse Tap it.
NanookAK Champion Author Anchorage Posts:7,235 Points:1,438,090 Joined:Nov 2007	Message Posted: Feb 1, 2013 9:52:26 AM Ignore NanookAK Report Abuse Old news.
sdiddydaddy Champion Author Grand Rapids Posts:1,101 Points:393,170 Joined:Jan 2012	Message Posted: Feb 1, 2013 9:52:19 AM Ignore sdiddydaddy Report Abuse Good for Australia and the rest of the world.
justbill647 All-Star Author Baton Rouge Posts:603 Points:186,530 Joined:Jun 2012	Message Posted: Feb 1, 2013 9:52:18 AM Ignore justbill647 Report Abuse We're running out of space to store crude and the price for oil and gas keeps going up.
fedupMN Champion Author Twin Cities Posts:2,939 Points:570,530 Joined:Mar 2011	Message Posted: Feb 1, 2013 9:52:10 AM Ignore fedupMN Report Abuse 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.
CheckitoutGuy Champion Author San Diego Posts:1,311 Points:769,590 Joined:Mar 2008	Message Posted: Feb 1, 2013 9:49:28 AM Ignore CheckitoutGuy Report Abuse Nice!
Wierbe Champion Author Cincinnati Posts:3,737 Points:1,116,190 Joined:Apr 2006	Message Posted: Feb 1, 2013 9:49:22 AM Ignore Wierbe Report Abuse A long way to ship, but may be worth it.
eaglev Champion Author Oklahoma City Posts:4,001 Points:937,155 Joined:Jul 2005	Message Posted: Feb 1, 2013 9:43:44 AM Ignore eaglev Report Abuse We do have a good aliance with Austraila, maybe we can quit going thru the middle east.
tomklo Champion Author Fort Worth Posts:2,447 Points:2,591,745 Joined:Jul 2002	Message Posted: Feb 1, 2013 9:43:23 AM Ignore tomklo Report Abuse good
Black Wagon Champion Author Illinois Posts:7,296 Points:1,799,845 Joined:Mar 2004	Message Posted: Feb 1, 2013 9:42:42 AM Ignore Black Wagon Report Abuse That will probably create some jobs too.
ItisAJeepThing Champion Author Tucson Posts:19,735 Points:2,148,655 Joined:Oct 2006	Message Posted: Feb 1, 2013 9:42:20 AM Ignore ItisAJeepThing Report Abuse Good for the Aussies and good for meeting the increasing energy demands of the whole world.
AriesMMD Champion Author Sacramento Posts:1,476 Points:409,190 Joined:Dec 2011	Message Posted: Feb 1, 2013 9:40:08 AM Ignore AriesMMD Report Abuse Prices at the pump won't go down. It costs more to extract the deep shale deposits.
GGAlbo Champion Author Detroit Posts:2,242 Points:1,882,580 Joined:Sep 2006	Message Posted: Feb 1, 2013 9:38:05 AM Ignore GGAlbo Report Abuse 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!!!
gabbygusIN Champion Author Indiana Posts:7,221 Points:1,556,950 Joined:Oct 2008	Message Posted: Feb 1, 2013 9:37:54 AM Ignore gabbygusIN Report Abuse Good for them
CptnCanada Champion Author Saskatoon Posts:7,007 Points:914,975 Joined:Jun 2008	Message Posted: Feb 1, 2013 9:37:28 AM Ignore CptnCanada Report Abuse Not a living thing within a thousand miles of there and I bet the greens will still try and stop it
RichFWA Champion Author Tacoma Posts:1,171 Points:288,790 Joined:Mar 2011	Message Posted: Feb 1, 2013 9:37:13 AM Ignore RichFWA Report Abuse Drill and get it on the market.
REVLAW Champion Author San Antonio Posts:10,420 Points:2,004,320 Joined:Jul 2007	Message Posted: Feb 1, 2013 9:36:30 AM Ignore REVLAW Report Abuse But this discovery will not dampen the greed of the profiteers.